BUA Group has declared a reduction in its ex-factory cement price to N3,500 per bag, down from the previous N4,650 ex-factory price and the market price of N5,000. This price adjustment will be effective starting 2nd October 2023.
The company made this announcement to fulfill its commitment to lower cement prices and support the building materials and infrastructure sectors.
BUA Cement plans to further review prices by the first quarter of 2024 after completing new plant construction. Pending orders at the old prices will also be adjusted, and the reduction is expected to impact the market price, possibly lowering it to between N3,850 and N4,000 per bag.
BUA Group Chairman, Abdul-Samad Rabiu, shared plans to add two new plants to increase capacity to 17 million metric tonnes per annum, aiming to significantly reduce cement prices and support the government’s efforts in making cement more affordable.
Story: Christy Dung