Bua Group has crashed the price of cement in the Nigerian market from N5,000 to N3,500.
A statement signed by the management of the company said that the move was in line with an earlier promise to spur development in the building materials and infrastructure sector.
According to the statement, while the promise of a price reduction had been hinged on the completion of the company’s new lines at the end of the year, it decided to execute before schedule so that Nigerians could begin to enjoy the benefits of the price reduction before the completion of the Bua plant.
Further, Bua reiterated plans to further review the new ex-factory price of N3,500 which takes effect from October 2, upon the completion of it’s new plants which will increase it’s production to 17,000,000 metric tonnes per annum.
“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 the prices further in line with our earlier pronouncement by the first quarter of 2024.”
Bua further urged license dealers to ensure that end-users benefit from the price reduction in ex-factory price as it intends to monitor field sales to ensure compliance.
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