Nigerian cement manufacturer BUA Cement Plc has announced a reduction in the price of the product in Nigeria.
Chairman of the company, AbdulSamad Rabiu, had stated last month that a plan to lower cement prices with the completion of its new lines by the end of 2023 was under consideration.
The proposed cut, according to Mr. Rabiu, was part of attempts to help the Nigerian government’s mission to lessen the suffering of Nigerians.
The company’s management announced in a statement on Sunday night that it had now chosen to fulfil the vow by moving the “price reduction forward.”
The announcement was made on the company’s social media handles and would now go into effect on October 2.
“As a result, BUA Cement would now be sold at an ex-factory price of N3,500 per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants,” the company said.
Before now, BUA cement was sold at between N5,000 and N5,500 per bag in open markets across the country.
The company also stated that a second evaluation would be conducted after the current work on its new plants, which will boost annual production to 17 million metric tonnes, is finished.
“All pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3,500 per bag in line with the new pricing from October 2, 2023,” it said.
“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.”
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