Osinbajo Calls For Reduction In Cement Price, Commissions BUA Cement Plant

Nigeria's Vice President Yemi Osinbajo has urged cement manufacturers in the country to lower the price of the product to jack up local consumption.

Osinbajo noted this on Tuesday in Sokoto at the inauguration of BUA Cement plant, stressing that the development will also trigger the economy.

“Currently, Nigeria produces over 40 million tonnes of cement annually. Nigeria produces more cement than any other country in Africa,” Osinbajo said.

“Indeed, when put together, several other countries still cannot produce as much cement. Nigeria’s huge market size of high urbanisation rate of 3.5 percent, and even now, a low per capita cement consumption of about 125kg, and an estimated housing deficit of 17 million are key drivers for the growth of the Nigerian cement industry in the medium term.

“We have plenty of capacity to consume cement locally. As mentioned earlier, two issues require urgent attention. The first is the price of cement, it surely can be cheaper.”

He added that the “standard arguments such as power, transportation, and other challenges, but it is still a lucrative business, and I know the reduction of price is possible between the major players.

“The second issue is concrete roads. We can change the narrative on road construction dramatically if we think through using concrete buildings in Nigeria.”





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