On Sunday, BUA Cement PLC stated that the price of their cement product would drop to N3,500 per bag as of Monday, October 2, 2023.
The price cut, according to the statement, was made in keeping with the company’s promise to promote growth in the “building materials and infrastructure sectors.”
The corporation published a statement about the price cut on its X (formerly Twitter) page.
After meeting with President Bola Tinubu, the company’s chairman, Abdul Samad Rabiu, pledged to examine the product’s price a few weeks prior to this development..
The statement read: “We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.
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“As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward. As a result, BUA Cement would now be sold at an ex-factory price of 3,500 Naira per bag so that Nigerians could begin to enjoy the benefits of the price reduction before the completion of our plants.
“Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17 million metric tonnes per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.”
