The Ovie of Idjerhe Kingdom, His Majesty Monday Obukohwo Whiskey, Udurhie 1, has pointed out that the escalating cement prices in Nigeria can be attributed to the absence of license renewals for importing the product since 2008, as a means to supplement local production.
In response to this situation, the traditional ruler has reached out to President Bola Ahmed Tinubu, calling upon him to promptly renew import licenses for the Cement New Entrants Forum of Nigeria. This action is seen as a crucial step to reduce prices and ensure the availability of the commodity for Nigerians.
He took the opportunity to make this appeal while guiding journalists through the abandoned multibillion-naira Madewell Portland Cement factory, which is situated in his kingdom. He bemoaned the factory’s unfortunate condition, considering the substantial investments made by its president, Prince David Iweta, who hails from the region.
According to the monarch’s argument, had the policy of sustaining cement imports, as endorsed by prior administrations, been maintained, a considerable portion of Forum members might have already transitioned into domestic cement production. This transition, he posited, would have been instrumental in decreasing cement prices across the nation.
Udurhie was especially troubled by the outcomes of the past administrations’ fluctuating policies. He emphasised that the company, which had once been a source of over 2,000 direct jobs for his subjects and 10,000 indirect jobs for Nigerians, was presently non-operational.
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The monarch recollected that the company had been granted a license to import 500,000 metric tonnes between 2008 and 2009. However, it only managed to import 50,000 metric tonnes, with 450,000 metric tonnes remaining stranded in China when the policy was abruptly terminated.
‘As a king of this land, I feel pained and I believe that with the coming of President Bola Tinubu, a man who is business oriented, a man who is economically viable, who knows the importance of the cement sector to the Nigerian economy, he will revive this project and others to encourage the investors,’ he said.
With Ovie’s plea to President Bola Ahmed Tinubu and the urgent call to tackle the issues confronting the Cement New Entrants Forum of Nigeria, attention is now focused on the government’s potential actions.
The future of Nigeria’s cement industry remains uncertain, but there is optimism that the renewal of import licenses and the implementation of strategic initiatives will rejuvenate this crucial sector, leading to positive outcomes for both the nation’s economy and its populace.