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Wednesday, November 30, 2022

CBN asks cement manufacturers to lower prices

The Central Bank of Nigeria (CBN) has advised cement makers to consider decreasing the high cost of cement. 

The statement was made by CBN Governor Godwin Emefiele during the inauguration of the BUA cement line 4 facility and the groundbreaking of line 5 in Sokoto State. 

According to the apex bank, the decision to limit foreign exchange access for imports of 43 goods that could be produced in Nigeria helped increase the country’s cement production capacity from 30 million MT in 2014 to 60 million MT in 2021.  

According to the CBN governor, the policy change resulted in a significant boost in cement sector productivity. “Following the execution of this new guideline, I am glad to see that the cement sector in Nigeria has quadrupled its output capacity from 30 million tonnes in 2014 to almost 60 million tonnes in 2021,” he stated.  

Still speaking at the occasion, Emefiele asked cement makers to lower costs. “This industry is one of the important areas in the economy that helps to create jobs and encourage growth in our nation, we recognize that some of our cement producers produce for both the local and export markets, but we urge them to focus more on the home market in order to reduce prices.” He added. 

“On our part, the CBN wishes to reaffirm its commitment to provide critical support for the importation of parts, plants, and equipment required to boost the production capacity of our cement plants in the country,” he said.  

 

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