…Hints of commissioning new production lines soon
The Chairman of BUA Group, one of the key producers of cement, Abdulsamad Rabiu, has smartly maintained sealed lips on questions bordering on high cost of cement in Nigeria upon the feat of backward integration achieved even during the last administration of President Goodluck Jonathan.
Rather, he was quick to note that the end of cement importation has reduced capital flight.
In a recent interview, averred that “The most important thing I think is that the cement industry in Nigeria has, and will continue to save Nigeria a lot of foreign exchange”.
“If for example, you look at what we have produced in Nigeria today, maybe 25 to 30 million tonnes. If we quantify that in terms of foreign exchange it is almost $2billion per year. That is a lot of money being saved because if we do not have these cement plants definitely we have to import cement.”
According to him, “There are more prospects for Nigeria to achieve higher savings from increasing local production of cement in the near future”.
“We will be commissioning our Sokoto plant next quarter, early 2018, and also our Edo second cement line will come on stream probably by second quarter of next year.” he added
Business Hilights recalls that on Tuesday last week, Rabiu and other top industrialists were at the Presidential Villa, Abuja for the meeting of Presidential Industrial Policy and Competitiveness Advisory Council (PIPCAC), chaired by Vice President Yemi Osinbajo.
