Cement prices to drop to N3,500/bag from October 2 – BUA Group

Written by Benjamin Adewumi

BUA Cement Plc, one of the leading cement manufacturers in Nigeria, has announced a reduction in its ex-factory cement prices to N3,500 per bag, effective October 2, 2023.

The company said this was in line with its commitment to reduce cement prices upon the completion of its new lines at the end of the year, but decided to bring the price reduction forward following a periodic review of its operations for efficiency.

The company said this would enable Nigerians to enjoy the benefits of the price reduction before the completion of its plants, which would increase its production volumes to 17 million metric tonnes per annum.

The company also said it intends to review these prices further in line with its earlier pronouncements by the first quarter of 2024.

The company noted that all pending, undelivered orders which had been paid for at the old prices would be reviewed downwards to N3,500/bag in line with the new pricing from October 2, 2023. It also enjoined its licensed dealers to ensure that end-users benefit from this reduction in ex-factory prices as it would monitor field sales to ensure compliance.

The company signed the statement by its management on October 1, 2023.

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