BUA Group has announced a significant reduction in the price of cement, effective October 2, 2023. The cement manufacturer has fixed the ex-factory price at 3,500 NAIRA per bag, a move aimed at allowing Nigerians to enjoy the benefits of the price reduction before the completion of new production lines. BUA Group initially intended to lower prices after completing its new production lines at the end of the year but decided to bring the price reduction forward.
In a statement, BUA Cement Plc stated its commitment to reducing prices and promoting development in the building materials and infrastructure sectors. The company plans to further review cement prices by the first quarter of 2024 once the new plants, which will increase production volume to 17 million metric tons per annum, are completed.
The company also assured customers that any pending, undelivered orders paid for at the old prices would be reviewed downward to align with the new pricing from October 2, 2023. BUA Group urged its licensed dealers to ensure that end-users benefit from this reduction in ex-factory prices and pledged to monitor field sales for compliance. This move by BUA Group is expected to have a positive impact on the construction and housing sectors in Nigeria.
![Today's Naira Rate [30-04-2024]: Naira Remains Firm at 1,350 as CBN Implements Measures to Attract FX Inflows](/data/attachments/203/203480-8457c57119a478bc5717b11aa4a694ef.jpg)
