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Vice President Osinbajo Makes Case For Lower Cement Price

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The Federal Government has called on cement manufacturers to consider reducing the price of the commodity in order to improve local consumption for various infrastructural projects, even as they continue to build their export capacity.

Nigeria’s Vice President, Prof. Yemi Osinbajo, argued that cement price could be cheaper if per capita consumption increases through the adoption of concrete roads and collaboration among local producers.

Osinbajo, during the inauguration of BUA Cement plant in Sokoto, yesterday said: “Currently, Nigeria produces over 40 million tonnes of cement annually. Nigeria produces more cement than any other country in Africa. Indeed, when put together, several other countries still cannot produce as much cement.

“Nigeria’s huge market size of high urbanization rate of 3.5 percent, and even now, a low per capita cement consumption of about 125kg, and an estimated housing deficit of 17 million are key drivers for the growth of the Nigerian cement industry in the medium term.

“We have plenty of capacity to consume cement locally. As mentioned earlier, two issues require urgent attention. The first is the price of cement, it surely can be cheaper.

“I know the standard arguments such as power, transportation, and other challenges, but it is still a lucrative business, and I know the reduction of price is possible between the major players.

Updated: July 18, 2018 — 11:25 am

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