Reduce prices of building materials, Emefiele tells manufacturers

The governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, has pledged the bank’s support for the man­ufacturing sector in Nigeria and pushed for a reduction in the prices of building materials in order to make housing more affordable.

Emefiele made the pledge in his remarks at the inaugu­ration of the new BUA Cement plant in Sokoto, performed by President Muhammadu Bu­hari on Thursday.

Recalling the decision of the bank 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, Emefiele said the decision had helped to boost the production capacity of cement in the coun­try.
While disclosing that the production capacity of cement companies in Nigeria had in­creased from 30 million metric tons in 2014 to 60 million metric tons in 2021, the CBN governor declared that no dollar had been spent on the importation of cement into Nigeria in the past seven years.

Furthermore, Emefiele 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 complementary ingredients to reducing unemployment and boosting production activities in Nigeria.

He said such investments helped to support the CBN’s mandate of promoting stable macro-economic growth in Nigeria.

Emefiele, therefore, assured current and prospective opera­tors in the industrial sector that the CBN stood ready to collabo­rate with them in enabling the development of a viable man­ufacturing sector 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.
Speaking further, Mr. Eme­fiele urged manufacturing companies in the construction sector of the country to focus more on satisfying the domestic needs in the infra­structure sector, with a view to reducing the prices of cement and steel.

Also speaking, the gover­nor of Sokoto State, Rt. Hon. 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 Alhaji Abdul Samad Rabiu, Chair­man, BUA Cement Plc; Alhaji Lawal Bello, Chairman, Ce­ment Manufacturers Associa­tion of Nigeria (CMAN); and Engr. Yusuf Binji, the Man­aging Director, BUA Cement Plc, lauded the efforts of the current administration and the CBN in collaborating with stakeholders to boost the econ­omy of Nigeria.