BREAKING: BUA group announces immediate reduction of cement price to N3,500 per bag

By Iyojo Ameh

The BUA Group, a leading Nigerian conglomerate, has officially declared a substantial reduction in its ex-factory cement prices. The announcement, made through a press statement on Sunday, disclosed that the reduced prices will come into effect as of October 2, 2023.

The statement titled ‘BUA Cement Reduces Ex-factory Cement Prices to N3,500/bag Effective October 2, 2023,’ underlines the company’s commitment to stimulating growth within the building materials and infrastructure industries.

The BUA Group stated, “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.

Furthermore, the company highlighted its decision to expedite the price reduction based on the periodic review of operational efficiency. “Effective October 2, 2023, we have decided to bring the price reduction forward,” the statement read. This move ensures that Nigerians can start reaping the benefits of lower cement prices even before the completion of the group’s new production plants.

Upon the successful construction of these new facilities, projected to raise annual production volumes to 17 million metric tonnes, BUA Cement PLC has plans to further revise the prices in line with its earlier commitments, expected by the first quarter of 2024.

Notably, the company has assured customers with pending, undelivered orders paid at the previous prices that these will be adjusted downwards to the new rate of N3,500 per bag, effective October 2, 2023. Additionally, BUA Cement PLC has called upon its licensed dealers to ensure that end-users fully benefit from this price reduction, pledging to actively monitor field sales to guarantee compliance.