BUA Cement, the second larger producer of cement in Nigeria after Dangote Cement has declared a substantial reduction in the price of its cement product to N3,500 per bag, effective from Monday, October 2, 2023. This bold decision is part of the company’s dedication to fostering progress in the building materials and infrastructural sectors amid hardship in the country following fuel subsidy removal.
The announcement was made via a statement on Bua Cement’s official social media platform, X (formerly Twitter). This decision follows weeks of anticipation after the company’s chairman, Abdul Samad Rabiu, had discussions with President Bola Tinubu, during which he pledged to reevaluate the product’s pricing, SolaceBase reported.
The statement issued by Bua Cement expressed, “Referring to our previous commitments about reducing cement prices after the completion of our new production lines by year-end, aiming to boost development in the building materials and infrastructure sectors, we, as part of our operational efficiency review, have decided to expedite the price reduction process. Hence, starting October 2, 2023, Bua Cement will be available at an ex-factory* price of 3,500 Naira per bag. This proactive step ensures that Nigerians can immediately experience the benefits of this price reduction even before our new plants are fully operational.”
It was further stated, “Once our ongoing plant construction is finished, increasing our production capacity to 17 million metric tonnes per annum, Bua Cement PLC plans to conduct a comprehensive price review in accordance with our earlier announcements, anticipated to take place in the first quarter of 2024.”
This significant price drop comes after the cement product was initially sold at N4,900 per bag, signifying a noteworthy cost relief for consumers and stakeholders alike. Bua Cement’s proactive measures aim to enhance affordability and accessibility, contributing to the nation’s development endeavors.
