Connect with us

News

BUA Crashes Cement Price to N3,500 Per Bag

Published

on

Kindly share this post

BUA Group has announced a reduction of ex-factory cement price to N3,500 per bag effective today, October 2.

BUA Crashes Cement Price to N3,500 Per Bag

The current ex-factory price is N4,650, while it is being sold at N5,000 in the market.

In a statement on Sunday, the company announced that the new price will take effect from Monday, October 2, 2023.

The statement, titled ‘Reduce in Prices of BUA Cement’, 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 N3,500 per bag so that Nigerians can begin to enjoy the benefits of the price reduction before the completion of our plants.

Advertisement

“Upon completion of the ongoing construction of our new plants, which would increase our production volumes to 17million metric tons 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.”

With the crash to N3,500, the market price is expected to be between N3,850 and N4,000, according to a cement dealer.

The dealer said the reduction is significant enough to be felt by the consumers as long as the manufacturer keeps to its promise and the dealers respect the new pricing regime.

Last month, when he visited President Bola Tinubu at Aso Rock, Abdul-Samad Rabiu,chairman of BUA Group, told State House Correspondents that his company was set to reduce the price of cement.

Advertisement

Rabiu added that to support the efforts of the government to crash the price of the product, the company would add two new plants at the end of the year or early next year.

According to him, the plants to be commissioned by Tinubu, would bring BUA Cement’s total capacity to 17 million metric tons.

He said: “Let me thank His Excellency Mr. President for graciously receiving me today. I came to intimate His Excellency on the affairs of our cement business. We have two new lines of 3 million tons each that we will be commissioned by the end of the year.

“So I came to intimate His Excellency and also to explain to him the efforts we’re making in trying to support again the efforts of the government in bringing down the price of cement.

“With this 6 million tons that are commissioning by the end of the year. And by the way, His Excellency has agreed to come and commission the plants, sometimes in December or early January next year.

Advertisement

“So I explained to him and we want to support the efforts of the government in bringing down the price of cement. By the time these lines are commissioned, BUA Cement will to be producing about 17 million tons per annum. And with that, we intend to bring down the price of cement from its current level of N5,000 or N5,500 per bag to maybe N3,000 to N3,500 per bag.

“And we can only do that because we’re producing cement locally. 80% of the raw materials that we’re using to produce cement are in Nigeria. We want to support the government efforts in ensuring that the price of these commodities are brought down.”

 

 

 

Advertisement

 

Kindly share this post

Nigeria CommunicationsWeek believes that technology makes life more exciting and helps improve the lives of people around Nigeria and indeed the world. So since 2007, we have devoted our energy to independent reportage of technology and how they affect lives.

News

NCAA to Introduce RFID Technology to Tackle Missing Luggages

Published

on

Kindly share this post

Nigeria Civil Aviation Authority (NCAA) has announced plans to introduce Radio Frequency Identification (RFID) baggage tracking technology across domestic and international airport terminals to tackle the growing problem of delayed, misrouted and missing luggages

NCAA to Introduce RFID Technology to Tackle Missing Luggages

Michael Achimugu, director, Public Affairs and Consumer Protection, NCAA, disclosed this at a stakeholder engagement forum in Lagos.

Achimugu said the RFID-enabled system would replace the traditional barcode-based baggage tracking framework and provide airlines and passengers with real-time visibility of checked luggage from check-in to final collection.

According to him, the technology would improve baggage traceability, reduce mishandling and strengthen accountability across the baggage-handling chain.

Unlike conventional barcode systems, RFID technology allows baggage to be automatically scanned at multiple points without requiring direct line of sight, enabling real-time tracking of luggage throughout its journey.

Advertisement

Achimugu said issues involving short-landed, missing, lost or damaged baggage had remained among the major complaints from air travellers, alongside flight delays.

He said the introduction of RFID technology was therefore aimed at improving baggage-handling standards and restoring passenger confidence in the aviation sector.

The NCAA said the initiative also aligns with IATA Resolution 753, which requires airlines to track baggage at key points during the passenger journey.

The authority expects the technology to provide more accurate information on the location of luggage, facilitate quicker resolution of baggage-related complaints and improve the overall passenger experience.

The NCAA said the initiative would also strengthen accountability among airlines and other stakeholders involved in baggage handling at Nigerian airports.

Advertisement

 

Kindly share this post
Continue Reading

News

Firm Urges MSMEs to Increase Digital Payments Adoption for Growth

Published

on

Kindly share this post

eTranzact International Plc has called for increased adoption of digital payment solutions among micro, small and medium enterprises (MSMEs), saying access to technology is critical to improving business efficiency, financial inclusion and growth.

The company also said it was deepening its partnership with the Small and Medium Enterprises Development Agency of Nigeria (SMEDAN) to expand digital access and financial literacy among small businesses across the country.

In a statement, the Divisional Head, Merchant Services, eTranzact, Mrs. Abimbola Reis, stated this at the SMEDAN/eTranzact Town Hall Engagement in Lagos recently, themed, “Financial Literacy and Inclusion for MSMEs Leveraging on Fintech Innovation.”

Reis described MSMEs as the backbone of Nigeria’s economy, noting that the sector comprises almost 40 million businesses and contributes significantly to economic growth and job creation.

However, she said many businesses continue to face challenges including limited access to finance, inefficient payment systems, weak financial reporting, cash-flow constraints and inadequate access to digital platforms.

Advertisement

She added that trust concerns also affect businesses’ ability to access finance, while heavy reliance on cash increases exposure to theft and makes payment reconciliation more difficult.

Representing the Director-General of SMEDAN, Prof. Yinka Fisher said the town hall was aimed at generating practical ideas and solutions that would support the growth and expansion of MSMEs.

“The essence of this engagement is to share ideas and concepts that will help MSMEs thrive and expand. Our partnership with eTranzact is about expanding the frontiers of MSMEs and ensuring they continue to grow,” he said.

Also speaking, representative of the Director-General of the Nigerian Association of Chambers of Commerce, Industry, Mines and Agriculture (NACCIMA), Dr. Praise Adedigba said businesses could no longer depend solely on hard work to remain competitive.

Advertisement

Kindly share this post
Continue Reading

News

PalmPay Reinforces Commitment to Youth Empowerment on International Youth Day

Published

on

PalmPay exclusives and the ten outstanding participants who secured internship placements with the PalmPay team at the PalmPay Purple Woman 3.0 2026.
Kindly share this post

As the world marks International Youth Day, attention once again turns to the opportunities and challenges facing young people as they prepare for work, financial independence, and adulthood.

In Nigeria, the urgency is clear. According to UNICEF, about 7% of young people aged 15–24 possess basic ICT skills, highlighting a wider gap in the skills required to participate effectively in an increasingly digital economy.

At the same time, the Federal Government, through the Federal Ministry of Youth Development, continues to prioritize skills development, job creation, entrepreneurship and social inclusion.

For PalmPay, youth empowerment goes beyond corporate social responsibility. It is an investment in the people who will shape Nigeria’s workforce, businesses and economy.

This belief is reflected in initiatives focused on financial literacy, employability, digital skills and access to opportunities.

Advertisement

Through its Graduate Trainee Programme, PalmPay provides young graduates with opportunities to gain workplace experience, develop professional skills and build careers in a fast-evolving industry.

The investment also extends to financial education. Through its NYSC Financial Literacy Programme, PalmPay brings practical financial education to young Nigerians at an important transition point, helping Corps members develop better habits around saving, spending, budgeting and protecting their money.

For young women, Purple Woman provides another pathway to economic empowerment, creating opportunities for internships, learning and professional development while supporting greater female participation in the technology sector.

Speaking on the importance of youth empowerment, Chika Nwosu, Managing Director of PalmPay Nigeria, said: “Nigeria’s young population is one of its greatest assets, but unlocking its potential requires access to the right skills, knowledge and opportunities. At PalmPay, we are committed to equipping young Nigerians to learn, earn and thrive in an increasingly digital economy. We believe that investing in young people today is an investment in a stronger, more inclusive Nigeria.”

These initiatives reflect a broader belief that youth empowerment is most meaningful when young people are given the knowledge, exposure and opportunities to apply what they learn.

Advertisement

A graduate given workplace exposure today can become tomorrow’s business leader. A Corps member who develops sound financial habits can carry those lessons into their career and personal life. A young woman given access to professional opportunities can gain the confidence, experience, and networks to create opportunities for others.

Investing in young people is a great strategy for building a stronger, more productive, and more inclusive economy.

This International Youth Day, PalmPay reaffirms its commitment to investing in young Nigerians and contributing to a broader national ambition where the young population is not just counted, but equipped, employed, empowered, and positioned to lead.

Kindly share this post
Continue Reading

Trending