The Federal Government should replicate its effective policies in the cement and sugar industries in the steel industry as well, the Chief Executive Officer of the BUA group, Abdulsamad Rabiu, has said.
A statement sent to PREMIUM TIMES, Wednesday, showed that the CEO made the suggestion while speaking at the opening plenary of the Africa CEO Forum in Abidjan, Cote d’Ivoire on Monday.
He also explained how Nigeria can save $3 billion annually from the sector.
Mr Rabiu said 15 years ago, Nigeria only produced 4 million tonnes of cement, but with the initiation of Government’s reforms and BUA’s involvement in the cement industry, the production rose to over 40 million metric tonnes, saving the country over $4 billion annually.
He also said Nigeria can save $3 billion annually if the government will replicate the policies in the Cement and Sugar industries in the Steel industry. He lamented the continuous import of steel when the raw materials are readily available in the country.
“Nigeria is importing $3 billion worth of steel; Nigeria can decide to make those who invest in steel have the Backward Integration Programme. So if you invest 3 billion dollars in Nigeria in steel making, you would be able to save Nigeria 3 billion dollars every year. So for me the market is big and we need to come together, government and private sector to see how we can develop our continent.
“Nigeria is the biggest market in Africa, we have the population but it is not only Nigeria, all over Africa we have what it takes. Nigeria has everything to produce what we need; still, Nigeria has limestone, coal, and gas yet we import 3 billion worth of steel yearly,” He said
The official said a motion for synergy between Governments in Africa and the Private sector to aid the development and transformation of the continent.
He also emphasised the need for human capital development while noting that collaboration is the bedrock on which more jobs can be created for Africans.
“Africa probably has the highest rate of unemployment in the world, so we need to do a lot more to create jobs; build human capital to develop the continent. I think there is need to have a concrete and solid partnership between Africa government and the private sector and in so doing we can be able to transform the continent.
”Nigeria now has the capacity for over 40 million tonnes of cement and we are saving the country over USD$4 billion. We are creating hundred thousands of jobs,” he said.
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