The management of BUA Cement PLC has announced the reduction of its cement product to N3,500.
BizPoint recalls that Chairman of BUA company, Abdussamad Isyaku Rabi’u, in a meeting with President Bola Ahmed Tinubu recently that it would crash the price of cement once it complete its plants.
However, the cement coy, even before the completion of the plants, announced the reduction of the price of the product as contained in a statement on Sunday.
READ ALSO:JUST IN: FG moves to prevent nationwide strike, invites NLC for meeting
“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.
“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,” parts of the statement read.
The company noted that all pending, undelivered orders which had been paid for at the old prices would 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 company added
