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BUA to keep N3,500 cement price from Jan 2024 – Abdul-Samad Rabiu
BUA to keep N3,500 cement price from Jan 2024 – Abdul-Samad Rabiu
BUA Group Chairman Abdul-Samad Rabiu has reaffirmed the company’s commitment to selling cement at the rate of N3,500 starting January 2024. Speaking with State House correspondents after a visit to President Bola Tinubu in Lagos, Rabiu assured that BUA is determined to make cement accessible and affordable for customers despite encountering various challenges.
The price set by BUA includes the ex-factory price plus VAT and delivery charges, depending on the region. With factories located in Edo and Sokoto states, the distance covered for deliveries can affect the final price. However, Rabiu emphasized that regardless of these factors, BUA intends to maintain its promise of selling cement at N3,500 per bag.
The upcoming inauguration of a new cement plant site in Sokoto in January 2024 is expected to further broaden BUA’s market reach nationwide. With an annual production capacity of about six million metric tons combined from both factories, Rabiu believes this increased volume will have a significant impact on meeting demand.
- Though there have been some challenges along the way, Rabiu expressed confidence that they can be addressed effectively. The goal remains clear: providing affordable cement without compromising quality or accessibility.
In September last year, Abdul Samad Rabiu had already announced plans to reduce the price of cement in Nigeria from its current range of N5,500 to between N3,000 and N3,500 per bag. This move was aimed at supporting government efforts to lower prices for essential commodities in the country. By reducing their prices accordingly, as promised, it now reflects their dedication towards this goal.
Despite these declarations and efforts by BUA Cement Plc., a survey conducted by Nairametrics revealed that some locations across Nigeria continue to sell cement at initial prices ranging from N5 300 to N5 500 per bag.
Responding to this disparity between announced intentions and observed market prices,Rabiu highlighted that the company remains committed to the announced price reduction. He cited external challenges as factors contributing to the delay in implementing the price slash.
As with any business, BUA Group has faced its fair share of hurdles, but their determination to make cement affordable for consumers is unwavering. With continued efforts and a new cement plant set to be operational soon, BUA Group is on track to fulfill its promise of selling cement at N3,500 per bag from January 2024 onwards.
In conclusion, Abdul-Samad Rabiu’s reaffirmation of maintaining a fixed cement price of N3,500 demonstrates BUA Group’s commitment towards customer satisfaction and fulfilling their corporate social responsibility. Despite facing challenges and external factors that have delayed the implementation of the price reduction thus far, BUA Group remains dedicated to providing affordable and accessible cement in Nigeria. As they expand their operations with a new plant in Sokoto State, they aim to meet growing demand while keeping prices reasonable. Customers can look forward to benefiting from this commitment starting in January 2024 as BUA Group continues its mission to make quality cement more affordable for all Nigerians.