FG To Invite More Global Investors Into Cement Sector –

FG To Invite More Global Investors Into Cement Sector

The Federal Government has been urged to invite more global investors into the cement manufacturing sector in order to create fair market prices of the commodity.

According to the president, National Association of Blockmoulders of Nigeria (NABMON), Prince AdesegunBanjoko, government should also discourage export by way of smuggling through Nigeria‘s porous borders to neighbouring countries.

This, he said, will create respite in the sector.

He also called on the Federal Government to reduce duties on imported components for manufacturing cement.

In his message during Easter, he said: “Of recent, the issue of our key raw material, cement, attracted the front burner attention, nationwide, and the dust is yet to finally settle as far as we are concerned because the N7,000 to N8, 000 per bag offer is still on the high side.

“The government has threatened to open the borders to increase supply, and we like to add : Please also reduce import duties on imported components for manufacturing cement and also invite more global investors into that sector.”

“It is however heart-warming to our awareness that all hands are currently on deck at our Research institutes and universities on cement innovations research, with a view to finding locally sourced alternative materials for cheaper, quality cement and even other building materials,” he added.

He pointed out that if South Africa with 60 million population could have 15 cement factories, there is much work to do in Nigeria with 200 million population with three cement factories.