In a move set to provide a significant boost to Nigeria’s construction and infrastructure sectors, BUA Cement Plc, the nation’s second-largest cement producer, has officially revealed plans to reduce the price of cement to N3,500 per bag.
This cost adjustment will come into effect on October 2, 2023.
The company’s management expressed its commitment to customers and stakeholders, emphasizing its desire to bolster the development of Nigeria’s building materials and infrastructure sectors.
According to a statement released on Sunday, BUA Cement Plc shared its motivation behind the price cut, stating, “As part of our pledge to lower prices and following a thorough evaluation of our operational efficiency, the management of BUA Cement Plc is pleased to announce to our esteemed customers, stakeholders, and the public that, commencing October 2, 2023, we will be implementing this price reduction.”
Furthermore, BUA Cement indicated its intention to conduct further pricing reviews in line with previous announcements by the first quarter of 2024. This review will coincide with the completion of ongoing construction projects for new production facilities, which are expected to increase the company’s annual production capacity to an impressive 17 million metric tonnes.
The company also assured customers that any outstanding orders placed and paid for at the previous rates will be adjusted downward to align with the new pricing structure as of October 2, 2023.
BUA Cement urged its licensed dealers to ensure that end-users reap the benefits of reduced ex-factory prices. This move by the cement giant is poised to significantly impact Nigerians, particularly those within the construction industry, as it is expected to drive down the overall cost of building and infrastructure projects across the nation.