BREAKING: Nigerians, to Buy Bua Cement at N3,500 per 50kg Bag from Oct 2
The second-largest cement producer in the Nigerian market, BUA Cement Plc, has announced the reduction of the price of cement from N4800 to N3,500.
BUA Cement is a company owned by billionaire businessman AbdulSamad Rabiu which has a total combined installed capacity of 11 million mtpa.
The information on the reduction was sighted by The Pendulum Media in a statement issued and signed by the management of the company on Sunday, October 1st.
According to the statement, the reason for the reduction is “to spur development in the building materials and infrastructure sectors” of the nation.
“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 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 17 million 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.
“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,” the statement read
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