BUA Group Invests $2bn in Nigerian Cement Industry
BUA Group, one of Nigeriaâ€™s largest conglomerates, has invested about $2 billion in the Nigerian cement industry with capacities in excess of over 12 million tonnes per annum.
Chairman/Chief Executive Officer, BUA Group, Abdulsamad Rabiu, made this disclosure last week at the inauguration of the $1billion Obu Cement factory in Okpella, Edo State by Vice President Yemi Osinbajo.
According Rabiu, the unveiling of the complex, which comprises the three million tonnes BUA Cement, Obu Plant line 1 and the ground breaking of the second line of the same capacity, was an important milestone for BUA Group, the Cement industry and the Nigeria economy as they will not only make the country self-sufficient in cement production but also a net exporter of the commodity.
The foremost industrialist noted that the construction of a second cement plant line of three million tonnes was essential as the success and impressive efficiency of the Obu cement plant in its first year of operation was over 90 percent of capacity utilisation.
He said: â€œThis marks an important milestone, not only for the BUA Group but also for the Nigerian cement industry and the Nigerian economy in general as we witness the official inauguration of the three million tonnes Obu cement plant, as well as the ground breaking of the second line of three million tonnes plant. Similarly, BUA has started the construction of another greenfield cement plant in Sokoto State with an annual capacity of 1.5 million tonnes at a cost of over $300 million which will be inaugurated in 2018. Additionally, our investments in the 2 cement lines in Edo State represent the largest non-oil and gas related investment in the whole of the South-Southern region of Nigeria. With these, BUA will have invested over $2 billion dollars in the Nigerian cement industry with capacities in excess of over 12 million tons per annum within the course of a decade. Rabiu noted that over 10 years Nigerian integrated cement manufacturing policy which has transformed the countryâ€™s cement industry is a signal that Nigeria is closely attaining self-sufficiency in cement production and net exportation.
Meanwhile, Osinbajo has described the plant as a consolidation of Nigeriaâ€™s self-sufficiency in cement and a big boost to the nationâ€™s export capacity.
While congratulating Rabiu and the staff for the remarkable achievement, Osinbajo said the BUA Cement Factory, Okpella, as a consolidation of Nigeriaâ€™s self-sufficiency in cement and a big boost to the nationâ€™s export capacity.