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BUA Group has decided to being down the price of Cement effective October 2, 2023.
According to a statement from the Cement manufacturer, the organization decided to bring the price reduction forward rather than waiting till when its new production lines were completed as it had earlier promised.
Based on the latest development, the ex-factory price has now been fixed at 3,500 naira per bag, ‘so that Nigerians can begin to enjoy the benefits of the price reduction even before the completion of the new plants’.
The statement further revealed that upon completion of the new plants which will increase BUA production volume to 17million Metric tons per annum, the company intends to further review downwards the price of cement by first Quarter of 2024 in line with earlier promise.
See full text of the statement below:
BUA Cement reduces ex-factory cement prices to N3,500/bag effective October 2, 2023.
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.
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 can 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 17million 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.
NOTE: all pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3500/bag in line with the new pricing from October 2, 2023. Our licensed dealers are also enjoined to ensure that end-users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance.
Signed:
Management
01 October, 2023