BUA reduces cement price to N3,500
BUA Cement's management claims that the ex-factory price has been lowered to N3,500 in order to promote growth in the infrastructure and building materials industries.
The company's management stated in a statement on Sunday that the new ex-factory price will take effect on October 2.
In order to assure compliance among the company's authorised dealers, the company announced it would supervise field sales.
The price change is in accordance with the promise made by Abdul Samad Rabiu, the founder and chairman of the company, on September 16 following their meeting at the State House in Abuja with President Bola Tinubu.
After the company completes its plants by the end of 2023, Rabiu vowed to reduce the price of cement bags from N5,500 to a range of N3,000 or N3,500 after the company's production capacity climbs to 17 million metric tonnes per annum (MTPA).
However, the corporation said in the statement that the price adjustment had been expedited following a routine assessment of the effectiveness of its operations.
“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,†the statement reads.
The business added that, following the completion of its factories, the ex-factory price would be further decreased in the first quarter of 2024.
According to the statement, the reduction also applied to current orders that BUA Cement has not yet had a chance to complete.
The firm stated that unfulfilled orders placed under the previous price structure will be examined in order to reflect the price change that will take effect on Monday.
BUA Cement sent instructions to its authorised dealers to make sure the price change appears in end-user prices.
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