Nigeria saves $2 billion from local cement production
The Chairman, BUA Group, Abdulsamad Rabiu, sad that while speaking with State House correspondents at the end of a Presidential Industrial Policy and Competitiveness Advisory Council (PIPCAC), meeting chaired by Vice President Yemi Osinbajo at the Presidential Villa, Abuja.
He noted that the reduction in the importation of the product has equally reduced capital flight, saying: “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 $2 billion 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 argued that 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 ■