In a significant move aimed at making construction materials more affordable for Nigerians, BUA Group, a prominent cement manufacturer, has announced a substantial reduction in the price of its cement products, effective October 2, 2023.
This proactive decision comes ahead of the completion of the company’s new production lines, demonstrating its commitment to providing immediate relief to consumers.
According to a statement released by BUA Group, the ex-factory price of its cement has been adjusted to ₦3,500 per bag, a substantial reduction from previous prices. This price reduction aims to benefit Nigerians even before the completion of the new manufacturing plants. Once these new facilities are operational, BUA Group plans to undertake further reviews and reduce cement prices even further, in line with their earlier promises.
The anticipated completion of the new plants will increase BUA’s production capacity to 17 million metric tons per annum.
The decision to lower cement prices aligns with BUA Group’s commitment to support the building materials and infrastructure sectors, thereby contributing to economic development and providing affordable housing solutions for Nigerians.
The statement also assured customers that any pending and undelivered orders that were paid for at the previous prices will be adjusted to the new ₦3,500 per bag price starting from October 2, 2023. BUA Group has encouraged its licensed dealers to ensure that end-users benefit from this price reduction, and they will closely monitor sales in the field to ensure compliance.
This price reduction by BUA Group is a welcomed development for Nigerians, as it is expected to positively impact the construction industry and housing sector. The availability of more affordable cement will likely stimulate increased construction activities and homeownership, ultimately contributing to the growth of the nation’s economy.
BUA Group’s decision to take proactive steps towards price reduction demonstrates its commitment to the well-being of Nigerians and its dedication to corporate responsibility. As the company continues to expand its production capacity, consumers can look forward to more affordable cement prices in the near future, providing further impetus to the construction and infrastructure sectors in Nigeria.