TheCable

President Muhammadu Buhari says the federal government’s policies on economic diversification, job creation and creating an enabling business environment are working.

In a statement by Femi Adesina, presidential spokesperson, Buhari said this on Wednesday while inaugurating a new 3 million metric tonnes per annum BUA Cement Sokoto Line 4 Factory, located in Sokoto.

Buhari pledged that his administration would continue to support investors to set up businesses that would utilise the huge reserves of resources across the country.  

He recounted that in 1985 as the then head of state, he was at the same location to commission the 2nd line of the facility.   

”Today, almost thirty-seven years later, to commission the fourth line is a very special day for me personally,” the statement quoted Buhari as saying. 

”As you all know, one of the key economic pillars of our administration has been to create an enabling environment for businesses to thrive. This is necessary for job creation and indeed, for our economy and national security. 

”In the past few weeks, I visited Ogun and Kaduna States, where I observed many private sector investments in action. And today, I am here in Sokoto to commission this multi-billion Naira project. 

“It is therefore very clear for all to see that our policies are working. Progress is gradually being made in all parts of the country.”

Buhari further commended Abdul Samad Rabiu and the entire team for playing their part in supporting the government’s efforts at economic multiplicity. 

He noted the company, which is set to complete two more plants soon, had shown that it believes in Nigeria’s potential through these investments.  

”I am pleased that through these investments, BUA Cement has created employment opportunities for our citizens. Today, BUA is the largest employer of labour in the North-West region,” Buhari said. 

”I always remind Nigerians that every region, indeed every state, in Nigeria sits on huge reserves of resources. For example, in this area, Kebbi, Sokoto and Zamfara can boast of rice production, gold and other precious metals development and of course, heavy industries like cement manufacturing. 

”As a government, we introduced policies and mechanisms to support such investments in a legal, ethical and inclusive manner.  

“For example, we have the National Food Security Council on Food Security Matters and the Presidential Artisanal Gold Mining Development Initiative to develop local artisanal gold mining and ensure health and safety of mining workers and protect the environment.  

”We remain prepared to support serious investors to set up businesses that will take advantage of these opportunities through value addition to take advantage of the huge market here, as well as in the greater African region and the world at large.” 

On his part, Abdul Samad Rabiu, chairman, BUA cement, said the massive project received the support of the Central Bank of Nigeria (CBN) and its governor in setting up the gigantic project.  

“So far, we have invested over a billion dollars in the past four years, and we urge the CBN to continue to support industries like ours that use locally sourced raw materials to add value,” the business magnate said. 

“In the past 6 years, we have completed four plants – two in Obu, Edo State and two in Sokoto (of which this Sokoto line 4 is the fourth) with BUA’s total production capacity now standing at 11.5million tonnes with the completion of this plant.  

”Next year, we intend to complete the construction of two new plants of 3 million metric tonnes each for which construction is ongoing – one in Edo and the other, here in Sokoto.” 

He said he is looking to President Buhari commissioning the plants next year, which will bring total production capacity to 17.5 million metric tonnes. 

Recently, Abdul Samad Rabiu, founder of BUA Cement, was named the 5th richest person in Africa by Forbes, an American business magazine.

The report said Rabiu is now worth $7 billion — $1.5 billion richer after listing BUA Foods on the Nigeria Exchange (NGX) Limited.