BUA Cement Plc, a Nigerian cement producer, has announced a price decrease for the commodity.
Last month, AbdulSamad Rabiu, the chairperson of BUA cement Plc, stated that the company was considering lowering cement prices once its new lines were completed by the end of 2023.
Mr Rabiu explained that the planned reduction was part of an effort to support the Nigerian government’s efforts to alleviate Nigerians’ suffering.
The company’s management announced on Sunday evening that it had decided to bring the “price reduction forward” in order to fulfill the pledge.
According to a statement posted on the firm’s official Facebook page, the reduction will now take effect on 2nd October 2023.
“As a result, BUA Cement would now be sold at an ex-factory price N3,500 per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants,” the company said.
Earlier, BUA cement was sold in open markets across the country for between N5,000 and N5,500 per bag.
Several Nigerians have expressed their delight at the news on various social media platforms.
The BUA Cement Plc hinted that it intends to review the reduced prices further in line with their earlier pronouncements.
The company stated that the additional review would take place once the ongoing construction of its new plants was completed, which would increase the company’s production volumes to 17 million metric tonnes per year.
“All pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3,500 per bag in line with the new pricing from October 2, 2023,” it said.
“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.”