In a groundbreaking move, BUA Cement, one of the leading cement manufacturers, has taken a bold step to reduce the price of its cement product from N6,000 to N3,500 per bag. This remarkable price reduction comes just two weeks after a meeting with President Bola Ahmed Tinubu.
In an official statement titled ‘Reduce in Prices of BUA Cement’ released on Sunday, BUA Group unveiled its decision to implement the new pricing structure, effective from Monday, October 2, 2023. The primary objective behind this move is to stimulate growth and development in the construction and infrastructure sectors.
The statement released by BUA Group reads as follows:
“We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new production lines at the end of the year, with the aim of boosting development in the building materials and infrastructure sectors.
“As part of our commitment to reducing prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc is pleased to announce that, effective October 2, 2023, we are advancing the price reduction. Consequently, BUA Cement will now be available at an ex-factory price of N3,500 per bag, allowing Nigerians to immediately benefit from this price reduction even before the completion of our new production facilities.
“Upon the successful completion of our ongoing construction projects for new production plants, which will significantly increase our production capacity to 17 million metric tonnes per annum, BUA Cement PLC intends to further review these prices in line with our earlier announcements during the first quarter of 2024.
“Please note that all pending undelivered orders, which were previously paid for at the old prices, will be adjusted downwards to N3,500 per bag in alignment with the new pricing structure starting from October 2, 2023. We also encourage our authorized dealers to ensure that end-users benefit from this reduction in ex-factory prices, and we will actively monitor field sales to ensure compliance.”
This strategic reduction in cement prices by BUA Cement is expected to have a positive impact on the construction industry and infrastructure development in Nigeria, providing a boost to the economy and benefiting consumers and stakeholders alike.