The Bauchi State Commissioner for Natural Resources, Muhammad Maiwada, said a new cement factory will soon be cited in the state.
The commissioner disclosed that the new factory is valued at about $1.5 billion with a capacity of 10 million tonnes annually
The Bauchi State Commissioner for Natural Resources, Muhammad Maiwada, has assured stakeholders that the new cement factory to be sited in Gwana, Alkaleri Local Government area, is a move to transform the state’s economy. …CONTINUE READING
Maiwada disclosed this while signing a memorandum of understanding (MoU) with Resident Cement Company and its Korean partners to establish a cement plant with a yearly capacity of 10 million tonnes.
He noted that development results from foresight and determination to bring lasting economic changes and to attract high-value investment that secures a prosperous future for generations.
He stated that the cement plant is valued at about $1.5 billion and is expected to be a landmark project with far-reaching benefits in several sectors.
According to him, the factory is projected to operate for 100 years and become a lasting pillar of economic development for the state.
Punch reports that Maiwada said the new plant will inject new momentum into the state’s economy, create jobs, and boost the residents’ quality of life.
The commissioner stated that the new facility would employ over 10,000 skilled and unskilled workers across the state’s geopolitical zones to address unemployment and provide career opportunities for residents.
He said: “Plans for the factory include a dedicated 250-unit housing estate for staff and a massive trailer park capable of accommodating over 3,000 trucks.”
He stated that the the plant will also contain a 150-megawatt coal and gas-powered plant to meet its energy demands and boost the regional power supply.
According to the commissioner, investors will fund the cement plant to ensure it proceeds without hitches and does not burden the state financially. Preliminary activities, including geophysical exploration, are ongoing and are expected to last three months, laying a solid foundation for the project’s success.
Meanwhile, Financial Derivatives Company Limited has reported that the average price of a 50kg bag of cement dropped to N7,500 in October 2024.
The new price represents a 21.05% reduction compared to the N9,500 average price in September 2024. FDC disclosed the changes in its latest commodity update for November.
