Local cement production in Nigeria has led to them saving a whopping US$ 2bn in the past one year. This development culminated in the corresponding reduction in the import of the product.
The Chairman, BUA Group, Abdulsamad Rabiu, confirmed the reports and said that the reduction in the importation of the product has equally reduced capital flight.
“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 you look at what we have produced in Nigeria today, maybe 25 to 30 million tonnes and we quantify that in terms of foreign exchange it is almost US $2bn 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,” he said.
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He added that there are more prospects for Nigeria to achieve higher savings from increasing local production of cement in the near future.
Furthermore, the Sokoto cement plant will be commissioned in the next quarter, early 2018, and also the Edo second cement line will come on stream probably by second quarter of next year.
The cement plant in Sokoto State will have an annual capacity of 1.5 million tons at a cost of over US $300m. Bua Group International is the company behind the two cement plants in Nigeria.
