BUA Cement Slashes Prices To N3,500 Per Bag, Promises More Cuts
BUA Cement Plc, one of the leading cement manufacturers in Nigeria, has announced a significant reduction in its ex-factory cement prices effective October 2, 2023. The company said it decided to bring the price cut forward rather than waiting till the end of the year when its new production lines would be completed.
According to a statement issued by the management of BUA Cement on Friday, the ex-factory price of cement has now been fixed at N3,500 per bag, down from the previous N4,500. The statement said the move was aimed at making cement more affordable for Nigerians and spurring development in the building materials and infrastructure sectors.
The statement also revealed that BUA Cement was on track to complete its new plants, which would increase its production capacity to 17 million metric tonnes per annum. The company said it intends to further review downwards the price of cement by the first quarter of 2024 in line with its earlier promise.
The statement added that all pending, undelivered orders which had been paid for at the old prices would be reviewed downwards to N3,500 per bag from October 2, 2023. It also urged its licensed dealers to ensure that end-users benefit from the reduction in ex-factory prices and warned that it would monitor field sales to ensure compliance.
BUA Cement is one of the largest cement producers in Nigeria with a market share of about 22%. The company operates three plants in Sokoto, Edo and Adamawa states and has a combined installed capacity of 8 million metric tonnes per annum. It is also constructing two new plants in Sokoto and Edo states, which would add another 9 million metric tonnes per annum to its capacity.
