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| Cement factory in Nigeria |
Cement producers have been encouraged by the Central Bank of Nigeria (CBN) to think about bringing down the unreasonable cost of the product.
Godwin Emefiele, the Governor of the CBN, made the declaration during the official commissioning of the BUA cement line 4 plant and the pivotal of line 5 in Sokoto State.
The choice to limit foreign exchange trade for imports of 43 commodities that might be delivered in Nigeria, as per the apex bank, further developed the nation’s cement production limit from 30 million MT in 2014 to 60 million MT in 2021.
Emefiele said that to increase modern efficiency and protect unfamiliar cash saves, the government chose in 2015 to confine foreign exchange trade for imports of 43 products that could be created in Nigeria however for which billions of dollars were spent on imports yearly.
He said, “One of the limited things was cement. In settling on this choice, we knew that the key unrefined substance needed for the production of cement is limestone, which is promptly accessible within the nation over.”
“No dollar from our outside saves has been spent on import of cement into the country in over seven years,” he added.
The CBN boss expressed that the arrangement move prompted a gigantic expansion in efficiency in the cement business. He said, “Following execution of this new order, I am satisfied to take note of the production limit of the cement business in Nigeria has multiplied from 30 million tons in 2014 to around 60m tons in 2021.”
Emefiele, actually speaking at the occasion, asked cement producers to decrease costs. He said, “This area is one of the significant areas in the economy assisting with making work and supporting development in our country.
We know that a portion of our Cement makers are produced for both the homegrown and products market, however we encourage them to focus closer at fulfilling the homegrown requirements in order to cut down costs.”
“On our part, the CBN wishes to emphasize its assurance to offer required help for importation of extras, plants and hardware expected to expand productivity limits of our cement plants in the country,” he added.