The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele, has pledged the Bank’s support for the manufacturing sector in Nigeria and pushed for a reduction in the prices of building materials in the country to make housing more affordable.
Emefiele pledged in his remarks at the official commissioning of the new BUA three million metric tonnes per annum cement plant, and 48 megawatts power plant, performed by President Muhammadu Buhari in Sokoto, on Thursday, January 27, 2022.
Recalling the decision of the Bank to restrict access to foreign exchange for the importation of 43 items, including cement, which could either be produced in Nigeria or for which raw materials could be sourced within the country, Emefiele said the decision had helped to boost the production capacity of cement in the country.
While disclosing that the production capacity of cement companies in Nigeria had increased from 30 million metric tonnes in 2014 to 60 million metric tonnes in 2021, the CBN Governor declared that no dollar had been spent on the importation of cement into Nigeria in the past seven years.
Furthermore, Emefiele commended the BUA cement company for its effort in constructing the plant with no external finance, noting that such private sector initiatives were yielding fruits and were critical complementary ingredients to reducing unemployment and boosting production activities in Nigeria. He said such investments helped to support the CBN’s mandate of promoting stable macro-economic growth in Nigeria.
Emefiele, therefore, assured current and prospective operators in the industrial sector that the CBN is ready to collaborate with them in enabling the development of a viable manufacturing sector in Nigeria.
“For those who are willing to invest in new greenfield or existing brownfield projects, the CBN will provide all the support needed, both in Naira and dollars needed to import plants and equipment to actualize these investments,” he said.
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Emefiele added that the stance was directly in harmony with the resolve of the CBN to create a professional and people-centered Central Bank that will act as a financial catalyst for job creation and inclusive economic growth in Nigeria.
Speaking further, he urged manufacturing companies in the construction sector of the country to focus more attention on satisfying the domestic needs in the infrastructure sector, to reduce the prices of cement and steel.
Also speaking, the Governor of Sokoto State, Aminu Tambuwal commended the Buhari administration for its commitment towards revolutionising the manufacturing sector as exemplified in the cement manufacturing sector, which now provides jobs for Nigeria’s teeming population.
Similarly, the trio of Alhaji Abdul Samad Rabiu, Chairman, BUA Cement Plc, Alhaji Lawal Bello, Chairman, Cement Manufacturers Association of Nigeria (CMAN), and Engr. Yusuf Binji, the Managing Director, BUA Cement Plc, lauded the efforts of the current administration and the CBN in collaborating with stakeholders to boost the economy of Nigeria.
