Subscribe
Business

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.

Popular Related

Govt palliative worsening food inflation, says Cardoso

Business 0
Olayemi Cardoso, the Governor of the Central Bank of Nigeria, has said that the high cost of foodstuff is caused by the government as...
Read more

Bad roads driving food inflation, says LCFE boss

Business 0
Mr Akin Akeredolu- Ale, the Managing Director/Chief Executive Officer of Lagos Commodities and Futures Exchange, has declared bad road and a poor turnaround time...
Read more

PTAD clears 4,443 deceased pensioners’ next-of-kin for payment

Business 0
The Pension Transitional Arrangement Directorate (PTAD) has commenced an expanded computation project for verified Pensioners and Next-of-Kin of deceased pensioners, with a view to...
Read more

DACA convener lauds Abiodun on Ogun devt

Business 0
Mr Armstrong ‘Tope Akintunde, convener of Dapo Abiodun Continuity Agenda has sent his warm greetings to Ogun State Governor Dapo Abiodun for his commitment...
Read more

Transcorp Hotels appoints AGF non-executive director

Business 0
Following the appointment of  the Accountant General of the Federation, Dr Oluwatoyin Madein, as a non executive director on its board, Nigeria's first hospitality...
Read more

Yabatech gets N3.5bn entrepreneurship centre

Business 0
In an act to foster development in the educational sector, Tunde Fanimokun, the Retired Permanent Secretary of the Lagos State Civil Service, has donated...
Read more

ICAN advises Tinubu on economic policies

Business 0
Following the economical crisis and level of hardship in the country, Dr Innocent Okwuosa, the President of the Institute of Chartered Accountants of Nigeria,...
Read more

Encourage diasporans to return home, YPC president tells govt

Business 0
Ayoola Jolayemi, the National President of the Young Professionals Club, has called on the government to provide incentives for Nigerian youths in the diaspora...
Read more

BATNF, Ogun empower 1,000 maize farmers

Business 0
British American Tobacco Foundation in partnership with the Ogun State government to empower at least 1,000 farmers through its Maize Empowerment project. From the news...
Read more

Alake promises gender equity in mining sector

Business 0
In order to foster diversity, empower women and enhance the overall sustainability of the mining sector, the  Federal Government through the Ministry of Solid...
Read more

PARTNERS

SITE LINKS

© 2024 Wakadaily Newspapers. All Rights Reserved.