BREAKING!! price reduction for BUA cement has been confirmed
The price reduction for BUA cement has been confirmed by Kabir Rabiu, Group Executive Director of BUA Group, from N5,500 to N3,500 per bag. The new cost will go into effect on October 2, 2023.
In response to a query regarding whether or not “the BUA Cement price bonanza was actually delivered” in the ARISE News segment of “MACRO ECONOMICS OF CEMENT PRICES,” in light of the overall state of the economy, Kabir Rabiu stated that the price reduction was implemented starting on October 2, 2023, in accordance with Alhaji Abdul-Samad Rabiu, Chairman of the BUA Group, who pledged to guarantee the product’s accessibility and affordability for Nigerians.
“The Federal Government can only do so much,” he said, but without the backing of The common Nigerian would suffer as other producers and middlemen are called to order.
“BUA cement price reduction actually happened,” he stated. The commitment was made by our chairman, and we carried it out by operating it for five months.
“Across our plant, we lowered the price of cement to N3500, but that was actually the factory price.”
However, as you are aware, in Nigerian industries like cement, when we make commitments of this nature, we were hoping that other players would follow suit. This is because, in the industry in which we operate, we hold a 30- to 3-2% market share, and in order for us to make these gestures, other players had to follow suit, which made it extremely difficult for the commitment to be fully implemented.
