BUA Cement PLC on Sunday announced the reduction of the price of its cement product to N3,500 per bag starting from Monday, October 2, 2023.
It said the price reduction was in line with its commitment to spurring development in the “building materials and infrastructural sectors”.
The company announced the price reduction in a statement posted on its X (formerly Twitter) page.
This development is coming weeks after the company’s chairman, Abdul Samad Rabiu, after meeting with President Bola Tinubu, promised to review the product’s price. Abdul Samad Rabiu is the founder and chairman of BUA Group, a Nigerian conglomerate concentrating on manufacturing, infrastructure, agriculture, and cement. BUA Group in 2009, went on to acquire a controlling stake in a publicly listed Cement Company in Northern Nigeria and began to construct a $900 million cement factory/plant in Edo State, completing it in early 2015.
The statement read in part, “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 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.”
How to become BUA cement distributor: To become a Distributor of BUA cement, interested persons are advised to go to this link https://www.buacement.com/becomeadistributor/ fille-in their First Name, Last Name, Email, phone number, upload a Passport Photo, and Valid National ID.