HEADLINES

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NIGERIA

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Excess crude account reached N450billion in November

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Once again Nigeria loose its Heros

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story

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Wenger: League harder than ever

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WORLD NEWS

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ENTERTAINMENT

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BUSINESS

2:07 AM | Posted by Darey

Nigeria to become net exporter of cement by 2011

Finance Minister, Olusegun Aganga, at the weekend, said that the Federal Government was considering the introduction of concrete roads construction in the country as Nigeria is set to dominate the African cement market by 2011.
Compared with bitumen, concrete roads are said to last an average of 50 years against 15 years for bitumen. At a facility tour round Obajana Cement Plant at the weekend, Alhaji Aliko Dangote hinted at the possibility of the group rehabilitating the Obajana- Kabba road with concrete.
He described the backward integration of the cement industry as one of the most successful government policies of the Nigerian government and that the National Economic Management Team (NEMT) would soon meet to seek more ways of encouraging the industry through promulgation of policies to take the sector to the next level of success.
He expressed delight that the cement industry, which sources 95 per cent of its raw materials locally, has emerged as the first sector from where Nigeria will become the net exporter.
According to him, the consequence is that Nigeria will begin to generate foreign exchange through the export of cement by the end of 2011.
Earlier, the Managing Director of Dangote Group, Mr. Joseph Makoju, had told the minister and the Minister of State, Hajia Yabawa Lawan Wabi, that by the end of 2011, the group would be producing 20 million tonnes of cement from its various plants across the country.
According to him, the group’s new plant in Ogun State will produce six million tonnes, Obajana will be producing 10.5 million tonnes while Benue Cement plant will produce 3.75 million tonnes, making a total of 20 million.
Aside Dangote, Makoju said that other manufacturers and importers would contribute eight million, six hundred thousand tonnes of cement in 2011.
In 2009, Nigeria consumed 15 million tonnes of cement, he told the ministers but added that this would rise to 17 million tonnes by 2011 and with the Dangote alone producing 20 million tonnes of this, there will be an excess supply of 11.6 million tonnes of cement in the year.
He, however, lamented that for the first time ever, Nigerian cement industry is witnessing stock build-up and warned that the situation portends great danger as it may discourage further production and expansion.
At present, Dangote Industries alone has 500,000 tonnes of cement in store worth N15 billion. Makoju informed the ministers and said that there was the need to stimulate greater cement consumption in the country so that factories will not have problems and staff will not be laid off.
The Dangote Group, he stated, currently has over 10,000 staff in its haulage section with about 2,500 trucks and that the Obajana plant has the capacity to load 500 trucks every two minutes.

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