Kebbi State, Nigeria, has signed a preliminary agreement with MSM to build a $2.4 billion cement plant with a capacity of 3 million tonnes per year, potentially creating 45,000 jobs. This initiative supports local economic growth and aligns with national industrialization policies.
Nigeria’s Kebbi State has established a preliminary agreement with Nigerian conglomerate MSM to develop a cement factory with an annual output capacity of 3 million tonnes. This production level represents approximately 5% of Nigeria’s total annual cement output. The investment for this project amounts to $2.4 billion and will be situated in the northwestern region of the country.
During the signing ceremony, Kebbi’s Governor Nasir Idris characterized this initiative as significant for economic advancement, stating it would offer a critical support system for many unemployed youth and women in the region. He projected that the cement plant would generate between 45,000 direct and indirect employment opportunities.
The MSM Group, a versatile Nigerian conglomerate with diverse operations in sectors including phone production, chemicals, auto manufacturing, and energy, will oversee the construction of this facility. Alhaji Mu’azzam Mairawani, the founder and chair of MSM, indicated that the cement factory would employ cutting-edge technological methods in its operations.
Also in attendance was the Finance Minister Olawale Edun, who noted that this initiative complements President Bola Ahmed Tinubu’s efforts to foster private investment as a means of promoting industrial growth. The cement sector has historically contributed significantly to Nigeria’s economy, hosting three of Africa’s largest producers: Dangote, BUA, and Lafarge Nigeria. Growing demand within the market has opened opportunities for newer entities like MSM.
In conclusion, the establishment of the $2.4 billion cement factory in Kebbi State represents a crucial development for local economic growth, potentially creating substantial employment opportunities. The collaboration between Kebbi State and MSM underscores the alignment with national objectives to enhance industrialization through private investments. This project not only addresses the rising demand within the cement industry but also supports socio-economic improvements across the state.
Original Source: www.globalconstructionreview.com
