BUA Cement PLC has reduced its ex-factory cement price to N3,500/bag, effective October 2, 2023.

The company announced the price reduction in a statement on its verified X (formerly Twitter) handle on Sunday evening.

In the statement, BUA Cement said that the price reduction was made in order to spur development in the building materials and infrastructure sectors, and to allow Nigerians to begin to enjoy the benefits of the price reduction before the completion of its new plants.

“Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17million metric tonnes per annum, BUA Cement PLC intends to review these prices further in line with our earlier pronouncements by the first quarter of 2024,” the statement said.

BUA Cement also noted that all pending, undelivered orders which had been paid for at the old prices will be reviewed downwards to N3500/bag in line with the new pricing from October 2, 2023.

The company also enjoined its licensed dealers to ensure that end-users benefit from the reduction in ex-factory prices.

The reduction in cement price by BUA Cement is expected to reduce the burden on Nigerians who have been grappling with the high cost of building materials in recent years.