BUA Cement Plc has reassessed the timeframe for implementing its decreased ex-factory pricing of ₦3,500 per bag, claiming that Nigerians will be able to reap the advantages of the price drop before the plants are completed.
In a statement issued on Sunday, the company’s management underlined its promise to lower cement prices once the company’s new lines are completed at the end of the year, in order to encourage development in the building materials and infrastructure sectors.
The firm announced to its customers, stakeholders, and the general public that it had done a periodic review of its operations for efficiency.
“Effective October 2, 2023, we have decided to bring the price reduction forward,” it said.
“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 17 million 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.”
BUA Cement further stated that any pending, undelivered orders paid for at the old prices would be reduced to N3500 per bag beginning October 2, 2023, in accordance with the new pricing.
“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,” it said.
BUA Cement Plc’s full statement
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 ₦3500/bag in line with the new pricing from 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.
Signed:
Management
