How We’ll Bring Down Prices Of Building Materials, By CBN Boss, Emefiele

The Governor of the Central Bank of Nigeria (CBN), Godwin Emefiele has pledged the Bank’s determination to bring down prices of building materials to make housing affordable to the less privileged by supporting manufacturing sector.

Emefiele, who spoke today, January 27, at the inauguration of the new BUA cement plant in Sokoto, performed by President Muhammadu Buhari, recalled 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.

The apex bank boss said that the decision had helped to boost the production capacity of cement in the country.

He said that the production capacity of cement companies in Nigeria has increased from 30 million metric tonnes in 2014 to 60 million metric tonnes in 2021, adding that no dollar has been spent on the importation of cement into Nigeria in the past seven years.

Emefiele commended the BUA cement company for its effort in constructing the plant with no external finance, saying that such private sector initiatives are yielding fruits. He said such are critical complimentary ingredients to reducing unemployment and boosting production activities in Nigeria.

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

Emefiele assured current and prospective operators in the industrial sector that the CBN will collaborate with them to develop 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 to import plants and equipment to actualize these investments.”

He stressed that the CBN’s stand is directly in harmony with the resolve of the bank 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.

Emefiele advised manufacturing companies in the construction sector of the country to focus more attention on satisfying the domestic needs in the infrastructure sector, with a view to reducing the prices of cement and steel.

This was even as the Sokoto State Governor, Aminu Tambuwal commended the Buhari administration for its commitment towards revolutionizing the manufacturing sector, as exemplified in the cement manufacturing sector, which now provides jobs for Nigeria’s teeming population.

Also, 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 of BUA Cement Plc, lauded the efforts of the current administration and the CBN in collaborating with stakeholders to boost the economy of Nigeria.