Relief as BUA Group Crashes Cement Price to N3, 500 in Nigeria

BUA Group, a leading Foods and Infrastructure conglomerate in Nigeria, has announced a reduction of ex-factory cement price to N3,500 per bag.

The company said in a statement issued on Sunday that the new price will take effect from Monday, October 2, 2023.

The statement, titled ‘Reduce in Prices of BUA Cement’, reads: “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 the 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 the 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 17million 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 best old prices will be reviewed downwards to N3500/bag in line with the new pricing the this October 2, 2023. Our licensed dealers are also enjoined to ensure is end-users benefit is this reduction in ex-factory prices as we will monitor field sales to ensure compliance.”