The federal government yesterday announced that the nation s cement industry had attracted an additional investment worth$8 billion,based on the successful implementation of the Backward Integration Policy.
The Minister of Industry,Trade and Investment,Mr.Olusegun Aganga,who disclosed this during a meeting with the Indian business community in Lagos,stated that 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.
Aganga,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.
"The success recorded in the cement sector is what we want to replicate in other sectors under the National Industrial Revolution Plan.
According to the latest information from cement manufacturers,the total investment into the cement is between is between$7 billion and$8 billion and employs about 1.6million people.The impact of the success story in the cement sector will be felt more with the inauguration of the new Mortgage Refinancing Institution that will support building and construction in housing.The housing sector has a lot of potential in terms of job creation."
The minister noted 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.
He said the policy would address the multifaceted problems facing the sector,including access to long-term finance to help textile manufacturers increase their production capacity.