A publicly listed firm in Nigeria has just followed the steps of others to inflate cement prices by 200%.
In an earlier report, the firm, BUA Cement, disclosed that it would withdraw from the league of cement manufacturing companies that first increased the price of the commodity.
Today, findings have shown that the product goes between three thousand and four thousand naira, respectively.
Meanwhile, in an earlier message, the firm promised Nigerians in April that it would not scale up the factory price of its product.
A statement issued recently by the company stated in parts, “Whilst we are aware that demand for cement is high with current supply levels not sufficient to meet this increased demand, we do not believe the solution lies in an increase in ex-factory price of cement.”
Precisely in June 2021, the company argued that the timing for the price increase is not correct, adding that BUA has no justification or any business reason to inflate factory costs anytime soon.
“We, therefore, urge our distributors not to panic as well as not engage in any arbitrary hike in the retail price of BUA Cement.” The statement read.
Nigerians comprising prospective homeowners, developers, and other sector-related individuals ask why BUA firm suddenly took a u-turn on its initial decision not to hike cement price?