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.
This development is coming weeks after the company’s chairman, Abdul Samad Rabiu, after meeting with President Bola Tinubu, promised to review the price of the product.
The statement read in part, “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.”