Economy: Price of Cement crashes to N3,500 Per Bag from 2nd October, Expect Further Reduction – BUA Declared.
TEC News!
BUA Group has decided to bring down the price of Cement to N3,500 per bag effective October 2, 2023.
According to a statement from the Cement manufacturer, the organization decided on bringing the price reduction forward rather than waiting till when its new production lines were completed as it had earlier promised.
Based on the latest development, TEC News gathered that the ex-factory price has now been fixed at 3,500 NAIRA per bag, ‘so that Nigerians can begin to enjoy the benefits of the price reduction even before the completion of the new plants’.
The statement further revealed that upon completion of the new plants which will increase BUA production volume to 17million Metric tons per annum, the company intends to further review the cement price downwards by first Quarter of 2024 in line with earlier promise.
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The Executive Chairman of BUA Group, Alhaji Abdulsamad Rabiu is a prominent Nigerian businessman from Kano. He founded BUA Group in 1988 and serves as its Chairman of the Board and Chief Executive Officer. BUA group is now one of the most important diversified group in Nigeria, active in food (sugar and oil) and infrastructures (cement, ports, real estate).