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BUA reduces cement price to N3,500 per bag

By Chinyere Treasure Mbadiwe
1 Min. Read

BUA Cement PLC has reduced the ex-factory cement price from N5,500 to 3,500 per bag.

The company in a statement on Sunday announced that the new price will take effect from today, October 2, 2023.

Chairman of BUA Cement plc, Abdul Samad Rabiu said the proposed price reduction was in line with its commitment to spur development in the “building materials and infrastructural sectors.

The statement, titled ‘Reduce in Prices of BUA Cement’, 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, 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.
“NOTE: 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.”
With the price slash to N3,500, the market price is expected to sell between N3,850 to N4,000, according to Abuja-based cement dealer.

 

Chinyere Treasure Mbadiwe
Chinyere Treasure Mbadiwehttp://wakadaily.com
Chinyere Treasure Mbadiwe is the Co-founder and CEO of Wakadaily News. With a B.Sc. in Business Administration from the National Open University of Nigeria (NOUN), she brings a wealth of leadership and strategic expertise to the platform. Chinyere is passionate about delivering high-quality, engaging news that informs and empowers audiences. Her vision for Wakadaily is to create a space where reliable, diverse, and impactful content connects people and fosters informed conversations.
Reading time: 1 min.

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