Cement is now available at N3,500 per 50kg bag, down from N4,800, according to BUA Cement Company.
“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,” the company said in a statement sent to DAILY NIGERIAN on Sunday.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 in accordance with the commitment made to reduce prices and following a periodic review of our operations for efficiency.
So that Nigerians can start to profit from the price drop before our plants are finished, BUA Cement will now be offered at an ex-factory price of 3,500 Naira per bag.
“BUA Cement PLC expects to further assess these pricing in accordance with our prior declarations by the first quarter of 2024, following the completion of the current building of our additional facilities, which would bring our production volumes to 17 million metric tonnes per annum.
“As of October 2, 2023, all outstanding, unfulfilled orders that had been paid for at the previous prices would be evaluated reduced to N3500/bag in accordance with the new pricing.
“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,” the statement added.