BUA Cement Slashes Price Of Its 50 Kilogramme Bag Of Cement From N5,500 To N3,500

BUA Cement Plc has announced a massive cut in the price of its 50 kilogram bag of cement from N5,500 to N3,500.

It promised to further reduce the price after the completion of its two new cement plants under construction by the first quarter of 2024.

The company chairman, Abdul Samad, who announced the new price, said the decision was in fulfilment of the promise he made after his meeting with President Tinubu at the presidential villa, last month.

Its statement read on Sunday reads, “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.

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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 form 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.”