By Daniel Edu
In a significant development, BUA Cement PLC has announced a substantial reduction in the price of its cement products, effective from Monday, October 2, 2023. The company has lowered the price to N3,500 per bag, aligning its actions with a commitment to drive growth in the building materials and infrastructure sectors.
This pivotal decision was made public through an official statement posted on BUA Cement’s X (formerly Twitter) page. It follows weeks after the company’s chairman, Abdul Samad Rabiu, held discussions with President Bola Tinubu and pledged to review the product’s pricing.
The statement released by BUA Cement read as follows: “We refer to our previous announcements regarding our intention to reduce cement prices upon the completion of our new production lines by the end of the year, with the aim of stimulating development in the building materials and infrastructure sectors.”
“As part of our commitment to price reduction and following a thorough review of our operations for enhanced efficiency, BUA Cement Plc is pleased to inform our valued customers, stakeholders, and the general public that effective October 2, 2023, we have decided to expedite the price reduction. Consequently, BUA Cement will be available at an ex-factory* price of N3,500 per bag, allowing Nigerians to reap the benefits of this price adjustment ahead of our plant’s completion.”
The statement concluded with a forward-looking approach: “Upon the successful completion of our ongoing construction of new plants, which will increase our annual production capacity to 17 million metric tonnes, BUA Cement PLC intends to further review these prices in accordance with our earlier commitment by the first quarter of 2024.”
This price reduction is expected to have a positive impact on the construction industry and the wider economy, making building materials more accessible and affordable for Nigerians.