CBN governor urges manufacturers to halt rising prices of cement

Governor of the Central Bank of Nigeria (CBN), Mr. Godwin Emefiele,has urged cement manufacturers to halt rising prices of cement in the country.

Speaking at the inauguration of the new 3 million tons per annum (MTPA) BUA Cement line in Sokoto State, he said manufacturers must first strive to satisfy the local market to help make cement affordable before satisfying the external market.

Nigerians have continued to lament the soaring prices of cement in recent times, urging the government to intervene.

Emefiele said the cement industry remained key to solving the country’s unemployment challenges.

While calling on new investors to take advantage of the current incentives provided by government to boost the sector, he said the CBN was ready to provide the needed financing for both old and new investors for the importation of requisite machinery.

He said the decision of the apex bank to include cement in the 43 items banned from accessing foreign exchange from the official window seven years ago had yielded great results.

The CBN governor said no dollar had been spent on cement importation in the past seven years following the restriction placed on the importation of the commodity.

He said the country’s cement production capacity had since more than doubled from 30 MTPA in 2014 to 60 MTPA in 2021.