In a statement released on Sunday, BUA Cement Company has officially announced a reduction in BUA Cement prices which is set to be put in action starting from the 2nd of October. This was made known via the official X account on Sunday 1st.
Initially, BUA Cement is sold at 5,500 but in a bid to ease their customers, BUA has now decided to cut down their prices.
This is said to be an action in line with their initial intention to reduce cement prices upon completing their New production lines by the end of the year 2023. This is to stimulate growth in the building material and infrastructure sectors.
The statement 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.”
The statement further explains, “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.”
The statement also explains that every pending and undelivered order will also be affected by this New development. It says, “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.”
BUA Cement is the second largest cement company in Nigeria with a currently installed capacity of 11m metric tonnes per annum as of 31st of August,2023. Dangote Cement plant in Obajana,kogi remains the largest in Sub-Saharan Africa With 10.25 million tonnes per year capacity across three lines and a further 3m tonnes per year capacity currently being built. Dangote Cement is also the leading cement company with a production capacity of 51.6m tonnes per year across ten countries.