Market News

By Joseph Inokotong - Abuja 

The Central Bank of Nigeria (CBN) has promised to provide all the needed support, both in naira and dollars, for those who are willing to invest in either new greenfield or existing brownfield projects, to import plants and equipment to actualise their investments.

This gesture is part of the efforts of the apex Bank to drive productivity in the industrial sector and conserve foreign exchange reserves, a decision that was first taken in 2015 by restricting access to foreign exchange for imports of 43 items that could be produced in Nigeria.

Also, the stance is directly in harmony with the resolve 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.

This was disclosed Thursday by the CBN Governor, Godwin I. Emefiele, at the commissioning ceremony of Line 4 ultra-modern 3 million tonnes per annum Cement Manufacturing plant by the BUA Group in Sokoto State.

Emefiele said, “Let me assure current and prospective operators in the industrial sector that the Central Bank of Nigeria stands ready to continue to collaborate with you 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.

 
“This stance is directly in harmony with our resolve 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.”

The CBN Governor noted that following efforts to steer Nigeria’s economy from its dependence on imports, towards one that is self-reliant, and enables citizens to produce what they consume and eat what they produce, the production capacity of the cement industry in Nigeria has doubled from 30 million tonnes in 2014 to about 60m tonnes in 2021.

Consequent upon this investment by local businessmen into the cement manufacturing sector, the nation has been able to conserve billions of dollars, as no dollar from the external reserves have been spent on the import of cement into the country in the last six years, aside from saving and creating several thousands of jobs across multiple sectors of the economy.

Emefiele added: “It is important to note that these gains are not a coincidence but are a reflection of the success of the backward integration policy of President Muhammadu Buhari’s administration.”

He urged Cement manufacturers that are producing for both the domestic and exports market, to pay more attention at satisfying domestic needs so as to bring down prices as it is one of the major sectors in the economy helping to create employment and boost growth in the country.

“On our part, the CBN wishes to reiterate its determination to provide needed support for importation of spares, plants and equipment needed to increase production capacities of our cement plants in the country,” Emefiele reassured.

He commended the BUA Group CEO, Alhaji Adbul Samad Rabiu, for his investment in Sokoto and other parts of Nigeria, which he noted reflects his belief in the country, and in the immense opportunities available in the industrial sector, given the abundance of human and natural resources in Nigeria.
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