BUA Cement's attempt to lower cement prices from N4,500 to N3,500 in Nigeria was hindered by dealers and economic factors, leading to a discontinuation of the policy.

BUA Cement Chairman, Abdul Samad Rabiu, revealed that his company's plan to reduce cement prices in Nigeria from N4,500 to N3,500 per bag was thwarted by dealers, who instead sold each bag at prices ranging between N7,000 and N8,000. The high foreign exchange rate and challenging economic situation also contributed to the inability to maintain the lower price policy. Despite BUA Cement selling over a million tons of cement at the lower price before realizing the actions of dealers, the company stopped the policy when the Nigerian Naira faced devaluation and the removal of fuel subsidies.

August 30, 2024
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