BUA Cement PLC has announced a price reduction in its cement product, slashing it from N5,000 to N3,500 per bag, effective Monday, October 2, 2023.
The price reduction, according to the company, is in line with its commitment to stimulate development in the building materials and infrastructural sectors.
This cheering development comes weeks after the company expressed willingness to reduce the price of cement following calls from the Minister of Works and former Abia State Chief of Staff, David Umahi, and Mascot Uzor Kalu, respectively, for the price of the product to be reduced.
BUA Cement, to the delight of Nigerians, announced the price reduction in a statement posted on the company’s X (formerly Twitter) page.
The statement partly 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, 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 could 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 17 million metric tons per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024.”
