BUA Cement Plc has announced that it will commence its reduction of cement prices to N3,500/bag effective tomorrow, October 2nd, 2023.
The cement giant disclosed this via a press release on its official X handle on Sunday.
It said the price reduction was in line with its commitment to spur development in the “building materials and infrastructural sectors”.
This development is coming weeks after the company’s chairman, Abdul Samad Rabiu, after meeting with President Bola Tinubu, promised to review the price of the product.
“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.
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“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 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 Plc had announced plans to reduce the price of cement in Nigeria from the present N5,500 to between N3,000 to N3,500.
The Chairman of the company, Abdul Samad Rabiu, made this known after a meeting with President Bola Tinubu at the State House, Abuja.
The Billionaire disclosed that this is part of its own contribution to support the efforts of the Federal Government to bring down the prices of key commodities in the country, adding that this will enable the company to bring down the price of cement to about N3,500 per bag.