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BUA Cement, a subsidiary of BUA Group, has announced a reduction in the price of their cement from N5000/6000 to N3,500 per bag.
The company made this decision in order to stimulate development in the building materials and infrastructure sectors.
The price of cement has recently increased significantly, reaching as high as N6000 in some parts of the country, which has led to higher construction and manufacturing costs.
BUA Cement aims to bring the price reduction forward so that Nigerians can start benefiting from it before the completion of their new plants.
The company plans to review the prices further in line with their earlier pronouncements by the first quarter of next year.
All pending orders that were paid for at the old prices will be reviewed downwards to N3500 per bag, and licensed dealers are expected to ensure that end-users benefit from this reduction.
The announcement has been well-received by Nigerians, who hope that it will help lower the cost of building and construction and encourage other competitors to also reduce their prices.
Dangote Cement, Nigeria’s biggest cement producer and distributor, currently retails for N5,300 and above, so this announcement is likely to trigger a pricing war in the cement industry.
This article was updated 2 months ago