BUA Cement Plc has announced a reduction in the ex-factory price of its cement to N3,500 per bag.
The reduction takes effect from Monday, October 2, 2023.
The company, in a statement issued on Sunday, said its action was in line with the previous commitment it made to reduce cement prices upon the completion of its new production lines at the end of the year to spur development in the building materials and infrastructure sectors.
According to the company, following a periodic review of operations for efficiency, the management of the group decided to bring the price reduction forward.
“As a result, BUA Cement would now be sold at an ex-factory price of N3,500 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 company said.
The group explained that all pending, undelivered orders, which had been paid for at the old prices, would be reviewed downwards to N3,500 per bag in line with the new pricing from today.
The company urged its licensed dealers to ensure that end-users benefit from the reduction in ex-factory prices, assuring that it would monitor field sales to ensure compliance.
The Nation reports that BUA Cement is Nigeria’s second largest cement company and the largest producer in the Northwest, the Southsouth, and the Southeast.
It operates strategically from Okpella in Edo State and Kalambaina in Sokoto State with its headquarters in Lagos.