FG: CEMENT INDUSTRY ATTRACTS FRESH $8BN INVESTMENT
The federal government has stated that the successful implementation of the Backward Integration Policy had attracted an additional investment worth $8 billion, into the Nigerian Cement Industry.
Disclosing this yesterday, the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, said the federal government was targeting an increased production capacity in the sector, from about 28.5 million metric tonnes in last year to about 38 metric tonnes in 2014.
The Minister said: “We have had a major success in the cement sector. For the first time ever in the history of Nigeria, we exported cement in 2013. We had capacity of 28.5 million metric tonnes last year. Our current demand is between 18 to 20 million. However, this year, it should be about 39 million metric tonnes, and we should have one of the largest, if not the largest cement factory in the world in Nigeria.”
According to the Aganga, the success recorded in the cement sector is to be replicated in other sectors under the National Industrial Revolution Plan. He also stated that, in line with the federal government’s Industrial Revolution Plan, a new policy that would revamp and fast-track the growth and development of the cotton, textile and garment sector would soon be unveiled.