BUA Cement Announces Significant Price Reduction in a Recent Circular Published, The New Price is To Take Effect Today 2nd October, 2023
BUA Cement Reduces Price to N3,500 per Bag
In a move that is sure to bring relief to Nigerians, BUA Cement has announced a reduction in the price of cement to N3,500 per bag, effective October 2, 2023. This is a significant reduction from the current price of around N5,500 per bag. CONTINUE READING…
The company's decision to reduce prices is part of its commitment to support the efforts of the Federal Government to stabilize the prices of essential commodities and spur development in the building materials and infrastructure sectors.
In a circular published today, BUA Cement stated that the price reduction will be applied to all ex-factory sales. The company also noted that all pending and undelivered orders that had been paid for at the old prices will be reviewed downwards to N3,500 per bag.
BUA Cement is Nigeria's second-largest cement producer, and its price reduction is expected to have a significant impact on the market. The company has also called on its licensed dealers to ensure that end-users benefit from the reduction in ex-factory prices.
The price reduction by BUA Cement is a welcome development for Nigerians, especially at a time when the economy is facing many challenges. It is hoped that other cement producers will follow suit and reduce their prices as well.
Implications of the price reduction
The reduction in the price of cement is expected to have a number of positive implications for the Nigerian economy. First, it will make it more affordable for people to build and repair their homes. This will boost the construction sector, which is a major driver of economic growth.
Second, the price reduction will also make it cheaper for businesses to build and expand their operations. This will lead to increased investment and job creation.
Third, the price reduction will also help to reduce inflation. Cement is a key input in the construction of infrastructure, such as roads, bridges, and schools. By reducing the price of cement, the government can reduce the cost of building infrastructure, which will in turn help to bring down inflation.
Overall, the price reduction by BUA Cement is a positive development for the Nigerian economy. It is hoped that other cement producers will follow suit and reduce their prices as well.
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