BUA Cement PLC has announced the reduction of the price of its cement to N3,500 per bag from about N5,000.
This new price regime takes effect from Monday, October 2, 2023, a statement released on Sunday and signed by the management said.
This development comes a few days after its rival, Dangote Group denied claims making the round that it reduced the price of cement to N2,700 per 50-kilogramme bag from N5,500.
Anthony Chiejine, the spokesperson for Dangote Group, told newsmen last Monday that the news was fake news.
READ ALSO: Dangote Debunks Reduction In Cement Price.
The Chairman of BUA Cement PLC, Abdul Samad Rabiu, recently met with President Bola Tinubu and said the company was set to reduce the price of cement in Nigeria.
Its statement read on Sunday 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 to 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 3,500 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 the old prices will be reviewed downwards to N3500/bag in line with the new pricing form October 2, 2023. 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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