Jonathan Commissions N100 Billion Cement Industry Expansion Project

President Goodluck Jonathan has performed the ground-breaking of the N100 billion expansion project for Ashaka cement’s new 2.5 million metric-tonne capacity cement production line in Gombe, North East Nigeria.

The project, which will be completed within three years, is expected to increase the company’s current production capacity of over one million metric tonnes to about four million metric tonnes while creating a lot of hobs.

President Jonathan, who was ably represented by the Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, said the new investment was a testimony of global investors’ growing confidence in the Nigerian economy as well as the Federal Government’s commitment to transforming the Nigerian economy, leaving out no region.

According to him, the government has commenced plans to bring down the price of cement.

The President reiterated that the current administration would continue to provide a good environment for investments in the sector to thrive.

“The cement industry is a perfect example of the transformation that can happen in an industry based on the focused implementation of a well- thought out policy and a continuous partnership that harnesses the expertise of the private sector and the capacity of the public sector.

“The commencement of the capacity expansion of AshakaCem Plc’s cement production project further buttresses the confidence that global investors have in the Nigerian economy, which is now the largest economy in Africa,” President Jonathan said.

He pointed out that as at 2002, local cement industry had the capacity to barely produce two million metric tonnes per annum, but by 2013, this had grown to 28.5 million metric tonnes.

President Jonathan stressed that the government would continue to support investments in the sector to ensure that it reached an installed capacity of about 39 million metric tonnes by the end of 2014.

“Today, the Nigerian cement industry has attracted $8 billion in both local and foreign investments and supports approximately 1.6 million jobs. The industry also serves as the fulcrum of the housing and construction sectors.

These sectors now contribute 11.13 per cent to Nigeria’s forecast Gross Domestic Product for 2013,” he said.

Jonathan noted that Nigeria had become a net exporter of cement, saying that “this is something that we all should be proud of.”

He pointed out that the Federal Government had commenced a plan of action that would promote the exportation of cement, enhance skills development and innovation in the industry and bring down the price of cement.

[Daily Times Nigeria]

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Jonathan Commissions N100 Billion Cement Industry Expansion Project
Ashaka Cement, Cement Project, Gombe State, nigeria, Olusegun Aganga