Real Estate

The Story Of The Local Cement Investors

In 2008 the federal government lifted the ban on the importation of bulk cement and granted import licenses to six new firms, alongside the existing manufacturers in an effort to flood the market with cement and force the price down.

At the time Chief Charles Ugwuh, the then Minister of Commerce and Industry said that the actions would make up for the 11.5 million metric tonnes per year shortfall; Local manufacturers  only brought about 6.5 million metric, while the demand was at about 18 million metric tonnes per year.