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Monday, April 22, 2024

Bring Down Cost of Building Materials, Emefiele Urges Manufacturers

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Abdulfatai Abdulsalam Sokoto

Governor of Central Bank of Nigeria, Mr Godwin Emefiele, has appealed to manufacturers of building materials in the country to bring down cost of building materials to affordable price for ordinary citizens.

The governor stated this in his remarks during the commissioning of the new 3MPTA BUA cement, line 4 cement plant in Sokoto on Thursday.

Speaking about the high cost of building materials in the country, he said, “let me use this opportunity to appeal to our manufacturers to please take urgent actions in bringing down price of building materials in Nigeria.

“Indeed, there have been call by construction companies urging the cement and steel manufacturers to do something about the skyrocket price of these two essential items in the manufacturing sector.

“These sector is one of the major sectors of our economy that contribute to the creation of employment and produce for both domestic and export use. Please pay more attention at satisfying our domestic needs, so that prices can come down,” Emefiele said.

He assured that the Central Bank of Nigeria on its part will continue to provide needed support in the provision of need cash, plants and equipment, needed to improve the capacity of the cement production in the country

He said the Central Bank of Nigeria is ready to assist existing investors, both the current and prospective manufacturers that the bank is ready to continue to collaborate with them in enable the development of viable manufacturing sector in the country.

He called on those who are willing to invest in new project or existing greenfield projects that the central bank will provide all the support needed either in naira or in dollars to import plant and equipment to actualize their dreams.

Emefiele said the stand is in harmony with the government resolve to create a professional and people oriented enterprise that will add as a financial capable for job creation and improve the growth of Nigeria.

Speaking in his remarks, the chairman of BUA cement, Abdul Samad Rabiu, said his company since acquisition of the company has improved the capacity from initial one plant to four today. He said the company was able to build four new plants in the last six years, with two in Sokoto and Edo States respectively.

He said the new 3 million metric tons’ commissioned in Sokoto now gives the company capacity of producing 11 million metric tons.

He said the company is currently undertaking additional two plants in both Sokoto and Edo States, with intention of making them available by end of the year and ready for commissioning by President Buhari before leaving office.

Also speaking, the governor of Sokoto State, Rt. Honourable Aminu Waziri Tambuwal, said his administration has been doing everything humanly possible in creating enabling environment for investors in the state.

He said part of the efforts was used as instruments which helps the state being named as second in the country in terms of ease of doing business.

Meanwhile, President Muhamadu Buhari has assured that his administration would address the problem of insecurity before the end of his tenure.

The president stated this in Sokoto on Thursday when he paid a courtesy call to the Sultan of Sokoto, before proceeding to BUA cement factory where he commissioned the new three million metric tons plants as well as groundbreaking ceremony of line 5 of the plant.

The president regretted that the current happening in the north west is disturbing, stressing that the same people and same culture are killing themselves with no clear reasons.

President Buhari noted that he had given the military and others security agencies clear order for crushing the bandits in the entire northern part of the country. He assured that he is going to handover a secured country free from security challenges at the end of his administration.

In a remark, his eminence the Sultan of Sokoto Muhammad Saad Abubakar said as religious leaders they would continue to pray for peaceful coexistence in the country and thanks the president for taken time to visit the palace.

The president pointed out that his administration has achieved many development across the country. He explained that last week he commissioned many projects in kaduna and Ogun state.

Other dignitaries at the events includes all the Governors of Kebbi, Kano and Kwara States as well as the deputy governor of Jigawa States and his counterpart in Sokoto State. Other traditional rulers include the Oni of Ife, Emir of Kano, Emir of Bichi among others.

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