One of the major players in the cement industry in Nigeria, BUA Cement, has announced the decision to collapse the price of its cement.
The company heads insisted that the price review was in line with its promise to make the product more affordable to the citizens as it completes its new factory with intentions to increase its productivity and sales over time.
A bag of 50 kg cement has been selling for above 8,000 nairas since the market leader, Dangote cement increased its price sometime around June 2023.
Ahead of the completion of its new factory that will place the company at a capacity of producing 17 million metric tonnes of cement per annum, BUA Cement Plc has collapsed the cost of its 50 kg bag of cement to N3,500 (Three thousand, five hundred naira only).
This development is coming after the market leader, Dangote Cement Plc was dragged for selling a Bag of cement at an exorbitant price above N8,000 in Nigeria whereas he sells to neighboring countries at cheaper prices, although the speculation was disregarded by the firm.
Nigerians can now hope to buy a bag of cement at around N4,000 per bag as the product leaves the factory at the rate of N3,500 per bag except the dealers and retailers collaborate to speculate the market price and keep it high.
BUA Cement Plc however promises to keep reviewing the price as its new factory begins operation.
Tag: BUA cement price
Written by Omooba Alekuwodo (omoobaalekuwodo)
Published 10/2/2023 12:05:15 AM