The Federal Government has urged to introduce liberal policies to stimulate more investments in the manufacturing of Cement in the Country.
The appeal came from the National Assembly.
According to the Upper Chambers, such policies should include provision of industrial and larger tax incentives to encourage local investments in Cement production in Nigeria.
The resolution was sequel to the consideration of a Motion entitled “Need for liberalisation of Cement Policies in Nigeria” , sponsored by Senator Ashiru Yisa and five others.
Senator Yisa identified Cement as one of the few building materials in which Nigeria enjoys self sufficiency, noting that, as at 2018, the installed capacity of Cement Producers was about forty seven point eight million metric tonnes, which was far above the estimated 2018 consumption of about twenty point seven million metric tonnes.
He said it should be a matter of great concern to all Nigerians that, the significant rise in Cement prices in the Country and the resultant low purchasing power of Nigerians, would result in sub standards building Construction and non – completion of planned infrastrutural works.
In a resolution, the Senate called on the Federal Government to provide mire industrial incentives and protections, in areas of concessionary Loans and huge tax incentives for new Entrants, in order to boost Cement production and reduce prices to encourage more valuable Producers of the commodity in the Country.
Ibukunoluwa Temitope
