- Senator Shehu Sani has hailed BUA Cement Plc for slashing the cement price in Nigeria to N3500 per bag
- He described this development as "commendable and unprecedented" despite the rise in Dollar against the Naira
- The former lawmaker urged market men and women trading foodstuff to emulate BUA cement and reduce the cost of their commodities
Former member of the Senate, Senator Shehu Sani, has commended BUA Cement Plc for slashing the cement price to N3,500 per bag.
The company, the second-largest cement producer, announced that the new development would take effect on Monday, October 2.
This is on the heels of the rise in the dollar to the Naira and the high rate of inflation that has engulfed the entire Nigerian economy.
Senator Sani took to his social media handle to describe the feat as "commendable and unprecedented."
Shehu Sani advises foodstuff traders
He, however, urged market men and women selling foodstuff to emulate the kind gesture of BUA to help deregulate inflation.
Senator Sani wrote:
"Despite the rise of the dollar, BUA crashed the price of its cement; that is commendable and unprecedented.
"We hope it’s not promo. I call on our foodstuffs vendors to emulate BUA."
Meanwhile, BUA Cement Plc has noted that the reason for the slash in the cement price is to boost development in the building materials infrastructure industry.
In an official statement, the company said:
“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 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 end-users benefit from this reduction in ex-factory prices as we will monitor field sales to ensure compliance.”
Dangote speaks on reported plan to slash cement price from N5,500 to N2,700 on October 1
In another development, there are reports that Dangote Cement will reduce the price for a bag of cement from N5,000.
The new price is reported to kick off on October 1 and will mirror BUA Cement's recent decision to slash its price.
Legit.ng reached out to the Dangote group to confirm the expected new price for a bag of cement in a few days.