Nigeria’s President commissions BUA Cement’s Plant in Sokoto

President Muhammadu Buhari on Thursday called for increased private sector investment in the country, assuring that his administration would continue to create the enabling environment for businesses to thrive.

The president spoke in Sokoto, at the inauguration of an ultra-modern three million metric tonnes per annum BUA Cement Sokoto line four factory.

He expressed delight in his administration’s policies on economic diversification, job creation, and creating an enabling environment for businesses to thrive, saying they are working.

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele, in his address at the ceremony, urged manufacturers in the country to urgently control the rising prices of cement and other building materials.

Emefiele urged manufacturers to urgently address the rising prices of building materials, including cement.

Emefiele stressed that manufacturers must first strive to satisfy the local market to help make cement affordable before exporting the product to external markets.

“Indeed, there have recently been calls by construction companies urging our steel and cement manufacturers to do something about the sky-rocketing of these two essential items in the construction industry.”

“We are aware that some of our cement manufacturers are producing for both the domestic and export markets, but we urge them to pay more attention to satisfying the domestic needs so as to bring down prices.”

Emefiele reiterated the apex bank’s commitment to providing needed support for the importation of spares, plants, and equipment needed to increase the production capacities of cement plants in the country. While calling on prospective investors to take advantage of the current incentives provided by the government to boost the sector, he said the CBN was ready to provide the needed financing for both current and new investors in the industrial sector for the importation of requisite machinery.

“These efforts, such as the one being displayed here today by the BUA Group, are critical complementary ingredients to reducing unemployment and boosting production activities in our country.

“Not least, also, these investments help to support the CBN’s mandate of promoting stable macro-economic growth in the country.

“I would, therefore, like to congratulate the BUA Group led by its inspirational and imitable Group CEO, Alhaji Adbul Samad Rabiu, for this investment.”

Buhari pledged that his administration would continue to support serious investors to set up businesses that would take advantage of the huge reservoir of resources in different parts of the country.

The president said, “As you all know, one of the key economic pillars of our administration has been to create an enabling environment for businesses to thrive. This is necessary for job creation and, indeed, for our economy and national security.

“In the past few weeks, I visited Ogun and Kaduna states, where I observed many private sector investments in action. And today, I am here in Sokoto to commission this multi-billion Naira project.

“It is, therefore, very clear for all to see that our policies are working. Progress is gradually being made in all parts of the country.”

He emphasised his commitment to peace and stability in all parts of Nigeria, listing a raft of measures undertaken by this administration to ensure that normalcy returned to troubled areas.

According to Buhari, “We continue to recruit and equip security personnel while expanding our social investment programmes to support the youth and some of the most vulnerable members of our communities.

“You should all be reassured that we will win this battle against the criminal elements looking to destabilise our nation by hindering the progress of our economy.”

Buhari thanked Rabiu and the entire team for the great work they were doing in supporting the government’s economic diversification and job creation agenda. He noted that the company, which had completed four new cement plants of similar capacity in the last five years in different parts of the country and was set to complete two more plants soon, had shown through these investments that they believed in Nigeria and its potential.

Buhari said, “I am pleased that through these investments, BUA Cement has created employment opportunities for our citizens. Today, BUA is the largest employer of labour in the North-west region.

“I always remind Nigerians that every region, indeed, every state, in Nigeria sits on huge reserves of resources. For example, in this area, Kebbi, Sokoto and Zamfara can boast of rice production, gold and other precious metals development, and, of course, heavy industries like cement manufacturing.

“As a government, we introduced policies and mechanisms to support such investments in a legal, ethical and inclusive manner. For example, we have the National Food Security Council on Food Security Matters and the Presidential Artisanal Gold Mining Development Initiative to develop local artisanal gold mining to ensure health and safety of mining workers and protect the environment.

“We remain prepared to support serious investors to set up businesses that will take advantage of these opportunities through value addition so as to take advantage of the huge market here, as well as in the greater African region and the world at large.”

Highlighting other efforts to bring even development to all parts of the country, Buhari expressed confidence that the Ajaokuta–Kaduna–Kano (AKK) gas project, when completed, will bring gas for domestic and industrial purposes from the South-south to the South-east, North-central, and North-west geopolitical zones. He said the AKK project would significantly reduce the cost of operation for industries in the regions.

The president also reassured Nigerians that his government would continue to invest heavily in roads and rails to ease the movement of people, goods, and services, with a view to facilitating trade, while lowering logistics costs associated with the inefficiencies of bad roads and bridges.

“I want to now call on all entrepreneurs and businesses to emulate what is being done here. The task of nation-building requires all hands to be on deck. The public and private sectors must collaborate if we are to achieve our aim of collective peace and prosperity across the entire nation.”

In his remarks, Founder and Chairman of BUA Group, Alhaji Abdul Samad Rabiu, disclosed that his company was targeting to ramp up its total production capacity to 17 million metric tonnes of cement per annum next year.