Following the announcement by BUA Cement manufacturer of slashing their cement price to N3500 from N6,000 per bag, many Nigerians have taken to their social media pages to react to the development, as they called out Aliko Dangote, to follow the example of his competitor in the cement production industry.
New Telegraph had on Sunday night, October 1 reported that BUA cement manufacturers announced a reduction in the price of their cement products from N6,000 to N3,500 per bag.
It was gathered that BUA’s decision to slash its price comes barely a fortnight after a meeting with President Bola Ahmed Tinubu at the Presidential Villa in Abuja.
In a statement titled “Reduce in Prices of BUA Cement”, the BUA Group revealed that the new price of its cement product will become effective from Monday, October 2, 2023.
The company added that the decision aims to spur development in the building and infrastructure sector.
The statement reads: “We refer to our previous pronouncements regarding our intent to reduce cement prices upon the completion of our new lines at the end of the year, in order to spur development in the building materials and infrastructure sectors.
“As per the commitment made to reduce prices and following a periodic review of our operations for efficiency, the management of BUA Cement Plc wishes to announce and inform our esteemed customers, stakeholders, and the public that effective October 2, 2023, we have decided to bring the price reduction forward.
” As a result, BUA Cement would now be sold at an ex-factory* price of 3,500 Naira per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.
“Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17 million 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.
“NOTE: 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. Our licensed dealers are also enjoined to ensure that end-users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance.”
Reacting to the development, some X users, formerly Twitter, however, appreciated the move by BUA and asked other cement manufacturers, especially Dangote, to follow suit.
See some of their comments…
(@AyanbisiAT), tweeted: “I wish Dangote could follow suit. Man has benefited more than anyone with Nigerian wealth.”
@TENIBEGILOJU202 said, “People are under saying Dangote should do the same. Abegii.
“You don’t need Dangote to do the same, just start buying BUA cement.
“Businesses that care about the masses are worth supporting. That’s the point.”
@BilkisAlao “Good one…We’re waiting for Dangote and Elephant Cement to follow suit.”
@_Sufy2, “The difference between these billionaire businessmen, Bua and Dangote, is that one of them has empathy, while the other one swiftly debunked the news that his cement price was slashed.”
@nigerianpollz ”This is a great development. We want to see oil marketers doing the same.
”Uncle Dangote…. we are waiting for an official statement.”
@TFKay_ ”Dangote.. see your mate.”
@_NiyiDaniels ”Great job by BUA CEO, Hope others will do the needful to make Nigeria great!”
@tanimolaolawal1 ”This is massive
”I wish Bro Aliko could be this merciful.”
@salawueedris1 ”Dangote and Elephant, kindly do the needful.”
@ajanilinks ”I hope the drop in prices won’t affect the standard of the cement…
”Ditched dangote a long time ago.”
@Callipers_ ”Buy BUA if you want and stop telling Dangote & Elephant to follow suit. Some Nigerian youths are just empty when it comes to business and it’s quite appealing ”
@AyanbisiAT ”I wish Dangote could follow suit. Man has benefited more than anyone with Nigerian wealth.”
@OZONEOFAFRICA ”Y’all should buy BUA and stop waiting for Dangote to reduce the price.”
@BilkisAlao ”Good one…
”We’re waiting for Dangote and Elephant Cement to follow suit.”
@REALSGLL ”Am buying BUA now, if the other guy like to make me reduce the price or not, I don’t care BUA for life.”
Meanwhile, on September 25, 2023, the Dangote Group refuted claims that it had lowered the price of cement to N2,700 per 50-kilogram bag from the previous N5,500.
The spokesperson for Dangote Group, Anthony Chiejine, said last Monday, that the report was fake. “It is fake news,” he said.
