The Senate on Tuesday called on the Federal Government to introduce liberal policies such as the provision of industrial and larger tax incentives to encourage local investments in cement production in Nigeria.
The upper chamber said doing so would, besides attracting local investors, boost the production of cement as well as reduce its price in the market.
The senators stated this after considering a bill on the ‘Need for liberalisation of cement policy in Nigeria’, sponsored by Senator Lola Ashiru and co-sponsored by five other lawmakers.
Ashiru noted that cement was one of the few building materials in which Nigeria was self-sufficient.
The lawmaker said, “As of 2018, the installed capacity of cement producers was about 47.8MMT which is far above the estimated (2018) consumption of about 20.7MMT.
“Yet, the prices of cement in Nigeria in about 240 per cent higher than global average.”
The Senate in its resolution called on the Federal Government of Nigeria to provide more industrial incentives and protections such as offering concessionary loans and larger tax incentives for new entrants in order to boost production of cement, reduce price and encourage more valuable producers in Nigeria.