Reduce Prices of Building Materials: Emefiele Tells Manufacturers - Jobisco

Reduce Prices of Building Materials: Emefiele Tells Manufacturers

Reduce Prices of Building Materials: Emefiele Tells Manufacturers

Godwin Emefiele, the Governor of the Central Bank of Nigeria (CBN), has reaffirmed the bank's support for Nigeria's manufacturing sector and urged them for the reduction in building material prices in the country to make houses more accessible.

On Thursday, January 27, 2022, Mr. Emefiele made the pledge during the opening of the new BUA cement plant in Sokoto, which was done by President Muhammadu Buhari.

Emefiele cited the Bank's decision to restrict access to foreign exchange for the importation of 43 items, including cement, that could be produced in Nigeria or for which raw materials could be sourced within the country as an example of how the decision had aided the country's cement production capacity.

The CBN Governor stated that no dollar had been spent on cement imports into Nigeria in the previous seven years, despite the fact that cement businesses production capacity had expanded from 30 million metric tonnes in 2014 to 60 million metric tonnes in 2021.

Emefiele, further praised the BUA cement firm for its efforts in building the facility without relying on outside funding, stating that such private-sector initiatives were bearing fruit and were important complementary elements in Nigeria's efforts to reduce unemployment and enhance production. Such investments, he added, helped the CBN fulfill its goal of ensuring Nigeria's macroeconomic stability.

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Emefiele informed existing and potential industrial operators that the CBN was ready to work with them to help Nigeria create a robust manufacturing sector.

The CBN will provide all necessary support to those willing to invest in new greenfield or existing brownfield projects, both in Naira and dollars, to import the plants and equipment needed to make these investments a reality, he pledged, adding that the stance was directly in line with the CBN's resolve to create a professional and people-centered Central Bank that will act as a financial catalyst for job creation and inclusive economic growth in Nigeria.

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Mr. Emefiele went on to say that manufacturing enterprises in the country's construction sector should focus more on meeting local needs in the infrastructure sector in order to lower cement and steel prices.

Also addressing, Rt. Hon. Aminu Tambuwal, the Governor of Sokoto State, praised the Buhari administration for its dedication to revolutionizing the manufacturing sector, citing the cement production sector as an example, which now employs Nigeria's burgeoning population. Similarly, Alhaji Abdul Samad Rabiu, Chairman, BUA Cement Plc; Alhaji Lawal Bello, Chairman, Cement Manufacturers Association of Nigeria (CMAN); and Engr. Yusuf Binji, Managing Director, BUA Cement Plc praised the current administration's and the CBN's efforts to collaborate with stakeholders to boost Nigeria's economy.

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