Governor of the Central Bank of Nigeria (CBN) Godwin Emefiele on Thursday made a case for affordable housing by calling on manufacturers to reduce the prices of building materials such as cement and steel.
Mr Emefiele said at the inauguration of the new BUA cement plant in Sokoto that the apex bank would continue to support the manufacturing sector.
The CBN governor said Nigeria’s cement production capacity has been helped by the bank’s decision 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.
According to him, the production capacity of cement companies in Nigeria had increased from 30 million metric tonnes in 2014 to 60 million metric tonnes in 2021.
Emefiele further said at the inauguration performed by President Muhammadu Buhari that no dollar had been spent on the importation of cement into Nigeria in the past seven years.
He 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 complimentary ingredients to reducing unemployment and boosting production activities in Nigeria. He said such investments help to support the CBN’s mandate of promoting stable macro-economic growth 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 actualise these investments,” he pledged, adding that the stance was directly in harmony with the resolve of the CBN to create a professional and people-centred Central Bank that will act as a financial catalyst for job creation and inclusive economic growth in Nigeria.
Sokoto State Governor 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 Abdul Samad Rabiu, chairman, BUA Cement Plc; Lawal Bello, chairman, Cement Manufacturers Association of Nigeria (CMAN); and Yusuf Binji, managing director, BUA Cement Plc, lauded the efforts of the current administration and the CBN in collaborating with stakeholders to boost Nigeria’s economy.
