This development comes a few days after its rival, Dangote Group denied claims making the round that it reduced the price of cement to N2,700 per 50-kilogramme bag from N5,500.
Anthony Chiejine, the spokesperson for Dangote Group, told DAILY POST last Monday that the news was fake news.
The Chairman of BUA Cement PLC, Abdul Samad Rabiu, recently met with President Bola Tinubu and said the company was set to reduce the price of cement in Nigeria.
BUA Cement Plc has reviewed the timeline for the implementation of its reduced ex-factory price of N3,500 per bag, saying Nigerians can begin to enjoy the benefits of the price reduction before the completion of its plants.
The company’s management, in a statement on Sunday, cited its commitment to reduce cement prices upon the completion of the company’s new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.
Addressing its customers, stakeholders, and the public, the manufacturer noted that it had conducted a periodic review of its operations for 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 added that all pending, undelivered orders which had been paid for at the old prices would be reviewed downwards to N3500 per 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,” it said.
See the full statement below:
