BUA Cement Plc (NGX: BUACEMENT) on Sunday announced the reduction of the price of its cement product to N3,500 per bag to “spur development in the building materials and infrastructural sectors”.
The company in a statement posted on its X (formerly Twitter) said the new price will take effect from Monday, October 2, 2023.
This development is coming weeks after the company’s chairman, Abdul Samad Rabiu, met with President Bola Tinubu, and 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.
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“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.”