Massive Investments In Cement Sector Show My Economic Policies Working– Buhari

President Muhammadu Buhari has said that the massive investment witnessed in Nigeria’s cement sector is a proof that his economic policy is working.

The President said this on Thursday in Sokoto at the inauguration of a new three million metric tonne plant of BUA Cement Plc.

The cement factory is part of BUA’s aggressive pursuit to expand its installed capacity from eight million MTPA to 20 million MTPA by the end of 2022.

BUA in 2020 signed a $1.5bn deal with Sinoma CBMI of China for the construction of three new cement plants of three million tonnes each per annum in Edo, Sokoto and Adamawa states of Nigeria to be completed by the end of 2022.

Prior to the launch, BUA already had an existing six million MTPA plants in Edo State, two million MTPA plants in Sokoto State and another three million MTPA plant in Sokoto

Buhari said, “You all know one of the economic pillars of this administration has been to create an enabling environment for businesses to thrive.

“This is necessary for job creation. Indeed our economic initiative, in the last few weeks I visited the State, I observed many private sector investments in action.

“It is therefore very clear for all to see that our policies are working. Progress is gradually being made in all parts of the country.

“I am also told that the company is set to complete two more plants soon. Through these investments BUA has shown without a shadow of a doubt that they believe in Nigeria and its potential.

“Today BUA and other entrepreneurs have made Nigeria self-sufficient in cement and a net exporter of this strategic product.

“BUA Cement has created employment opportunities for our citizens. We remain prepared to support serious investors to set up businesses that will take advantage of these opportunities through value addition.”

Speaking at the event, the Central Bank of Nigeria Governor, Godwin Emefiele linked the successes recorded in cement production to the restriction of access to foreign exchange for imports of 43 items including cement in 2015.

“In making this decision, we were aware that the key raw material required for the production of cement is limestone, which is readily available across the country,” the CBN Governor said.

Emefiele further revealed that as a result of the huge investments in cement manufacturing by BUA, Dangote Cement and Larfarge, Nigeria’s cement production has increased by 100 per cent to 60 million MTPA between 2014 to 2016.

He said, ” Following implementation of this new directive, I am pleased to note that the production capacity of the cement industry in Nigeria has doubled from 30 million tonnes in 2014 to about 60m tonnes in 2021.

“Consequent upon this investment by local businessmen into the cement manufacturing sector, our nation has been able to conserve billions of of dollars, as no dollar from our external reserves have been spent on importing cement into the country in the last 6 years. “

Emefiele noted that the massive investments in the cement sector have created thousands of jobs across multiple sectors of the economy.