BUA Cement Takes Bold Step to Reduce Ex-factory Cement Prices to N3,500/bag

Effective October 2, 2023, BUA Cement will sell its cement at a remarkable rate of N3,500 per bag, affirming its commitment to providing affordable building materials to the Nigerian populace, Investors King gathered.

The statement in part; “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.”

This announcement comes as a surprise to many, as BUA Cement had previously indicated its intent to lower cement prices upon the completion of new production lines by the end of the year. However, the company’s management decided to expedite the price reduction, allowing Nigerians to enjoy the benefits ahead of schedule.

Upon completion of its ongoing plant construction projects, which will increase production volumes to a staggering 17 million metric tonnes per annum, BUA Cement PLC intends to review prices further by the first quarter of 2024. This review aims to ensure that their pricing remains competitive and advantageous to customers.

The company also clarified that all pending and undelivered orders, which had been paid for at the previous prices, would be adjusted downward to the new rate of N3,500 per bag starting October 2, 2023. BUA Cement’s licensed dealers have been urged to ensure that end-users benefit from this reduction in ex-factory prices, and the company has pledged to closely monitor field sales to ensure compliance.

Statement in full: 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.

NOTE: all pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3500/bag in line with the new pricing from 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.

Signed:

Management
01 October, 2023