Osinbajo commissions BUA’s cement factory in Edo

Nigerian food and infrastructure conglomerate, BUA Group, has officially commissioned its 3 million-tonne capacity Obu Cement factory in Edo State, with an added second line of 6,000 tonnes per day capacity. The $600 million investment was declared a significant boost to the Nigerian economy by Vice President Yemi Osinbajo, who stated that it aligns with the government's economic recovery and growth plan focused on building the economy through private investments. During the commissioning, the Vice President expressed his pride in the Nigerian enterprise and highlighted the direct and indirect job opportunities created by the plant, benefiting both skilled and unskilled workers. The plant's production levels have already contributed to Nigeria's self-sufficiency in cement and enhanced export capacity. BUA Group's chairman, Elijah Abdul Samaltwar, had previously identified factors that could potentially reduce the cost and improve availability of cement in Nigeria, including a stable currency exchange rate and lower fuel prices. The use of modern and efficient gas turbines in the plant's production facility has ensured cost-effectiveness and reliability. The Vice President emphasized that private sector-led investments are crucial for Nigeria's economic growth and that the government is committed to facilitating such initiatives as outlined in the economic recovery and growth plan launched by President Muhammadu Buhari in 2017. Osinbajo reiterated that private sector involvement is essential for the country's economic advancement and stated that encouraging investments like the BUA Group's cement factory is a cornerstone of the government's economic policy, highlighting the pivotal role of private sector participation in driving economic development.