BUA Cement Plc has announced an increase in the ex-factory price of its cement product by N200 per bag.
The cement manufacturer, it was reliably gathered, unveiled its new price increase from N2,800 to N3,000 per bag over the weekend.
The price increase by BUA is contrary to what he has repeatedly asserted that his company does not have any justification to increase the price of cement as it is currently making enough returns.
BUA Cement, in various statements issued between April 24 and June 18 this year, refuted claims of increase in the ex-factory price of its cement products by N300 per bag, stating that, “the company had no plans to increase prices of its cement now or in the near future.”
According to a statement issued on April 24, 2021, the company stated that, “the solution was not in an increase of ex-factory price at this period.”In the statement, BUA “reiterated its stand that the timing was not right for any increase in the price of major commodities, especially not at this period Nigerians were still trying to recover from the economic consequences brought about by the COVID-19 pandemic – especially for a product for which all raw materials are locally sourced.” On June 17, 2021, BUA Cement had issued a fresh statement titled ‘No Further Increase in the Price of BUA Cement’ in response to numerous clarification requests from its distributors and the public that the company does not seek to increase the ex-factory price of its cement in the foreseeable future. “We are aware of the feedback and outcry from the public, and the government on the high retail price of cement in a period of economic recovery.
