BUA Cement, Nigeria’s largest privately owned conglomerate with diverse interests in Mining, Manufacturing, Foods, Agriculture, and more, has officially announced a significant reduction in factory cement prices to 3,500 Naira, starting from October 2nd, 2023.
In a recent press release, the company stated that this price reduction is part of its commitment to the development of the building materials and infrastructure sectors and will be implemented upon the completion of ongoing company projects at the end of the year.
However, BUA Cement Plc would like to clarify that, following a thorough review of the company’s operations for increased efficiency, the price reduction will take effect as of October 2, 2023.
Furthermore, BUA Cement Plc emphasizes the importance of Nigerians benefiting from this price reduction even before the completion of the factory plants.
The management’s statement also includes that, “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”.
Additionally, the company has guaranteed the public that any outstanding and yet-to-be-delivered orders from customers who had made payments at the previous rates will be reevaluated and adjusted to 3,500 Naira per bag in accordance with the new pricing structure starting 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” BUA added.