In a surprising turn of events, BUA Cement Plc has announced an expedited timeline for the implementation of its reduced ex-factory price of N3,500 per bag, bringing hope to Nigerians who can now start benefiting from the price reduction earlier than anticipated, even before the completion of its new plants.
The company’s management released a statement on Sunday, affirming their unwavering commitment to lowering cement prices as they near the completion of new production lines by the end of this year.
This move aims to stimulate growth in the vital building materials and infrastructure sectors.
Addressing a broad audience, including customers, stakeholders, and the general public, BUA Cement highlighted that it had conducted a thorough review of its operational processes to enhance efficiency.
“Effective October 2, 2023, we have decided to bring the price reduction forward,” it said.
“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.”
BUA Cement further assured all customers who had placed orders at the previous prices, which have since been paid for but remain undelivered, that these orders would be recalibrated to the new reduced rate of N3,500 per bag. This adjustment will take effect from October 2, 2023, aligning with the company’s renewed pricing strategy.
This announcement by BUA Cement Plc signifies a significant step towards making construction materials more accessible and affordable to Nigerians, potentially catalyzing further development in the nation’s critical infrastructure and construction sectors.
“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,” it said.
