The Minister of Works, David Umahi, has called on cement manufacturers to urgently reduce the price of cement, warning that the rising cost is putting Nigeria’s infrastructure development projects under serious strain.

Umahi made the demand in Lagos during the unveiling of the new corporate identity of Lafarge Africa Plc, which has now been rebranded as HBM Nigeria Plc following its acquisition by China’s Huaxin Building Materials Group.

The minister said the continuous increase in cement prices is already affecting the execution of federal road and bridge projects nationwide, with contractors increasingly pushing for upward reviews of existing contracts.

‘Reduce Cement Prices Now’ – Umahi Tells Manufacturers

Addressing industry stakeholders, investors, and government officials, Umahi insisted that cement producers must play a more active role in supporting national development by ensuring affordability.

“I want to insist that Lafarge, now HBM, and other manufacturers of cement should reduce their prices,” the minister said.

He warned that the Federal Government would begin formal engagements with cement manufacturers from July 1 to address pricing concerns and safeguard ongoing infrastructure projects.

According to him, the cement industry is benefiting significantly from government-led infrastructure expansion and must reciprocate by ensuring fair pricing.

Government Moves to Stabilise Construction Costs

Umahi explained that escalating cement costs are increasing project execution risks and placing additional financial pressure on contractors handling public works across the country.

He added that the planned engagement with manufacturers will focus on achieving a balance between industry profitability and national infrastructure needs.

Lafarge Rebrands as HBM Nigeria Plc

At the same event, the company formerly known as Lafarge Africa Plc officially unveiled its new identity as HBM Nigeria Plc, marking a new phase following its acquisition by Huaxin Building Materials Group.

Group Managing Director and Chief Executive Officer, Lolu Alade-Akinyemi, said the rebranding reflects a new corporate direction while maintaining operational stability.

“HBM Nigeria Plc represents an exciting new chapter in our journey as a leading building solutions company. While our corporate identity is evolving, our values remain the same,” he said.

He assured stakeholders that the transition would not affect operations, workforce, or customer relationships, noting that the process would be implemented in phases across the company’s facilities nationwide.

Company Reaffirms Commitment to Nigeria

Chairman of HBM Nigeria Plc, Gbenga Oyebode, also reaffirmed the company’s long-term commitment to Nigeria’s economic development, describing the transition as a strategic step for sustainable growth.

He expressed confidence that the new identity would strengthen investor confidence, enhance stakeholder trust, and support long-term value creation.

Industry Presence and Capacity

The unveiling ceremony attracted top government officials, state representatives, traditional rulers, and industry leaders.

HBM Nigeria Plc remains one of the country’s largest cement producers, with operations across Ogun, Gombe, and Cross River States, as well as ready-mix facilities in Lagos, Abuja, and Port Harcourt. The company has an installed capacity of 10.5 million metric tonnes per annum.

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Africa’s richest industrialist, Aliko Dangote, has projected that the naira could strengthen to about N1,100 to the dollar before the end of the year if Nigeria accelerates efforts to curb imports and expand domestic production.

Dangote made the projection during the unveiling of the country’s new industrial policy, stressing that protecting local industries remains a critical gap in Nigeria’s industrialisation strategy.

He warned that heavy reliance on imported goods continues to weaken domestic manufacturers, urging the government to implement policies that prioritise local production and support indigenous businesses.

The industrialist also identified electricity supply as a major obstacle to growth in the manufacturing sector. He advised Vice President Kashim Shettima to convene a national forum to address the country’s persistent power challenges.

According to him, the unstable power situation is slowing industrial activity and limiting the expansion of factories nationwide.

Meanwhile, Shettima disclosed that the Federal Government received about ₦900 billion in taxes from Dangote Cement in 2025, expressing confidence that the new industrial policy would boost production and increase national revenue.

He noted that the company’s tax contribution demonstrates the potential of a strong industrial base to support government finances and reduce reliance on volatile revenue sources.

The Vice President added that the new policy aims to shift Nigeria from exporting raw materials to producing finished goods locally, a move expected to strengthen the manufacturing sector, create jobs, and retain more value within the economy.

He emphasised that the policy’s implementation framework sets it apart from previous initiatives, with a stronger focus on execution to deliver measurable results and long-term industrial growth.

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President Bola Ahmed Tinubu has officially unveiled the Nigeria Industrial Policy 2025, marking a renewed effort to reposition the country’s industrial sector and boost local production.

The policy was launched on Tuesday at the Bola Ahmed Tinubu International Conference Centre in Abuja, with Vice President Kashim Shettima representing the president. The formal unveiling follows an earlier soft launch in Lagos and reflects the administration’s plan to deepen value addition, remove structural bottlenecks, and accelerate industrial growth.

Speaking on the new framework, the president described the Nigeria Industrial Policy 2025 as a strategic roadmap designed to re-engineer the country’s industrial ecosystem and unlock value across key sectors.

He stressed that the success of the policy would depend largely on effective implementation, noting that many policies fail at the execution stage rather than at conception.

Tinubu said the policy aims to move Nigeria from exporting raw materials to producing finished goods, integrate small and medium enterprises into industrial growth, and align infrastructure and energy supply with industrial ambitions.

He added that the government would measure progress by the number of new factories, jobs created, export volumes, and the level of value retained within the domestic economy.

Vice President Shettima also called for stronger collaboration between the government and the private sector to deepen local value chains and drive job creation.

At the event, President of the Dangote Group, Aliko Dangote, urged the government to convene a national forum to address the country’s persistent power challenges, describing electricity as the most critical factor for industrial growth.

He acknowledged recent efforts to stabilise the foreign exchange market but maintained that reliable power supply remains essential for sustainable industrial expansion.

Also speaking, the President of the Manufacturers Association of Nigeria, Otunba Francis Meshioye, said manufacturers were focused on ensuring effective implementation of the new policy.

The Nigeria Industrial Policy 2025 was first introduced in January by the Minister of State for Industry at the Federal Ministry of Industry, Trade and Investment, Senator John Owan Enoh. The policy aims to raise manufacturing’s contribution to Nigeria’s Gross Domestic Product to between 20 and 25 per cent by 2030.

Officials say the framework is designed to reduce reliance on imports, strengthen domestic manufacturing, boost exports, and improve coordination across key sectors such as trade, finance, energy, infrastructure, and skills development.

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When President Bola Tinubu unveiled his ambitious economic reforms in 2023, many hoped Nigeria would finally overcome the chronic obstacles choking business growth.

But two years on, importers, manufacturers and exporters say the on-ground reality still feels unchanged — slow, expensive and unpredictable.

Despite federal assurances and international praise for early reforms, operators across key sectors insist the nation’s business climate remains one of the biggest threats to economic progress.

Experts warn that Nigeria now loses between $12 billion and $20 billion every year due to inefficiencies that have become entrenched in daily operations.

“A process that should take hours now takes weeks”

At Apapa Port, importer Chinedu Okoye watches trucks struggle through long queues, waiting for a container carrying industrial components meant for a factory already idle for two weeks.

“This container should not stay more than three days,” he says. “But I now spend 14 to 18 days at the port. With demurrage, informal payments, and trucking costs, I lose ₦1.2m to ₦2m per container.”

For his 40-container annual import cycle, the delays alone cost him up to ₦70 million every year.

Terminal operators blame poor road access and bottlenecked berths, while freight forwarders point to duplicated inspections that slow processes to a crawl.

Even the Nigeria Customs Service admits coordination among agencies remains weak.

Manufacturers: “Power alone destroys your competitiveness”

In Ogun State’s industrial corridor, SME co-founder Amina Yusuf flips through another painful energy bill — a combination of unreliable grid electricity and diesel required to keep production running.

“We run generators for 70 per cent of production hours,” she says. “We spent ₦54 million on diesel in 2024 alone. Power costs have doubled our production expenses.”

Amina can no longer guarantee delivery timelines, causing FMCG and pharmaceutical clients to reduce their orders. Foreign buyers, she adds, now avoid Nigerian packaging producers entirely.

The Manufacturers Association of Nigeria (MAN) confirms that over 300 factories shut down or suspended operations between 2021 and 2024, with high energy costs and FX challenges among the leading causes.

Exporters count multimillion-dollar losses

Cashew exporter Kehinde Arowosaye had goods worth $118,000 damaged last year after a shipment got stuck at the port for 27 days.

“Cashew loses value in humid conditions after four weeks,” he explains. “One bad shipment and international buyers drop you.”

The National Cashew Association of Nigeria estimates the country loses about $250 million annually to logistics delays and transport inefficiencies.

Experts: Nigeria bleeds up to 5% of GDP yearly

Economists interviewed by New Telegraph say the cumulative cost of delays, inefficiencies, and policy inconsistencies equals 4–5% of GDP.

“These are not theoretical losses,” says economist Dr. Abdul-Ganiyu Bello. “They show up in factory closures, high import bills, and missed export opportunities.”

Six major structural problems holding businesses down

1. Chronic power shortages and rising energy costs
Businesses now spend 20–40% of operating costs on power — far above global averages.

2. Ports still slow despite partial digitisation
Customs processes are digital, but many inspection agencies still rely on paper systems, creating a half-digital, half-manual mix that slows movement.

3. Multiple taxation and excessive levies
SMEs face more than 50 different taxes across all tiers of government, undermining survival rates.

4. FX instability and unpredictable policy shifts
Businesses struggle to plan, with many forced into parallel-market sourcing.

5. Weak contract enforcement and slow courts
Commercial disputes can take up to seven years to resolve.

6. Insecurity and transport risks
Manufacturers now factor in security escorts and higher insurance costs, particularly in northern corridors.

Why reforms haven’t worked

Experts cite three core reasons:

A. Fragmented policy implementation between federal, state, and local authorities.

B. Resistance from vested interests benefiting from inefficiency and informal revenue channels.

C. Weak institutional capacity, including poor infrastructure, outdated systems and inadequate manpower.

The human cost: shrinking businesses and abandoned expansion plans

Amina, the manufacturer, has suspended plans to expand production.
Arowosaye, the exporter, has reduced commitments by 40%.
Okoye, the importer, has cut staff from 12 to five.

“It’s not that we can’t sell,” Okoye says. “It’s the operating costs that are killing businesses.”

What business leaders are demanding

• Stable power and affordable energy
• Predictable FX access
• Unified national tax framework
• Full port digitisation with all agencies on one platform
• Faster contract enforcement through digitalised courts

Federal officials insist reforms are underway, though they admit results will take time.

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Nigeria’s long-awaited steel revolution is gathering momentum as the Federal Government has sealed a $400 million partnership with Stellar Steel Company Limited, a Chinese-backed firm, to build a state-of-the-art steel plant in Ewekoro, Ogun State.

The agreement, signed in Abuja between the Federal Ministry of Steel Development and Stellar Steel, represents one of the largest foreign direct investments in Nigeria’s steel sector in nearly a decade.

Backed by Chinese industrial giants Galaxy Group and RSIN Group, both based in Fuzhou, Fujian Province, the new steel facility is expected to begin operations by mid-2026.

According to a statement by the Ministry’s Public Information Officer, Ijomah Opia, the deal was formalized by Minister of Steel Development, Prince Shuaibu Abubakar Audu, and Mr. Li, President of Inner Galaxy Group, representing Stellar Steel.

“The Federal Ministry of Steel Development has signed a Joint Strategic Cooperation Declaration with Stellar Steel Company Limited,” the statement read. “The company has committed approximately $450 million to establish a steel plant project in Ogun State, Nigeria, scheduled to begin operations by mid-2026.”

The ministry explained that the project is designed to revitalize Nigeria’s steel industry, reduce dependency on imported steel, and strengthen the nation’s manufacturing capacity.

Job Creation and Local Impact

The partnership is projected to create over 2,000 direct and 20,000 indirect jobs across the steel value chain. It will also help localize iron ore supply, potentially saving over $1 billion in foreign exchange annually.

Minister Audu stated that the initiative aligns with the government’s target of producing 10 million tonnes of crude steel per year by 2030, supporting industrial self-reliance and economic diversification.

He assured that the Ministry will provide necessary policy and infrastructure support, including integration into the National Infrastructure Plan and access to fiscal incentives.

In return, Stellar Steel will prioritize local recruitment and training, working closely with Nigerian universities to develop technical and managerial expertise in steel manufacturing.

Environmental and Regional Benefits

The new facility will adopt green steel production technologies, using clean and energy-efficient methods to ensure environmental sustainability.

Mr. Li, who led the Stellar Steel delegation, reaffirmed the company’s commitment to completing the project on schedule while adhering to strict safety and environmental standards.

He was accompanied by Mr. You Xiastian (Vice Chairman, RSIN Group), Mr. Jackie Den (Vice President, Inner Galaxy Group), and Mr. Yin (Director, RSIN Group).

Reviving Nigeria’s Steel Dreams

Despite having vast iron ore reserves, Nigeria continues to import over $4 billion worth of steel products annually, with local output meeting less than 10% of domestic demand.

The government hopes that the Ewekoro steel plant will mark a turning point — filling the gap left by the long-dormant Ajaokuta Steel Complex and positioning Nigeria as West Africa’s steel manufacturing hub.

Minister Audu described the agreement as “a new era for Nigeria’s steel industry,” underscoring the government’s commitment to sustainable industrial growth and economic transformation.

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The Standards Organisation of Nigeria (SON) has launched its export certification programme, SONEXCAP, to help Nigerian products meet global standards and gain wider acceptance under the African Continental Free Trade Area (AfCFTA).

Speaking at the 2025 World Standards Day in Lagos, SON Director-General, Dr. Ifeanyi Okeke, said the scheme aims to strengthen trade capacity, promote industrial growth, and improve product competitiveness.

“SONEXCAP builds confidence in Nigerian-made goods and opens doors to regional and global markets,” Okeke said.

He called for collaboration among government, the private sector, and civil society to drive export growth and sustainable development. Okeke added that SON is working with international partners to enhance testing, certification, and consumer protection.

The DG of the Manufacturers Association of Nigeria, Mr. Segun Ajayi-Kadir, praised SON for supporting manufacturers and fostering trade-friendly policies.

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After more than three decades of dormancy, the Nigergas Company Limited in Emene has been brought back to life through a major rehabilitation and upgrade spearheaded by the Enugu State Government.

The gas plant, originally established in 1962 under the leadership of Dr. Michael Okpara, had been abandoned for years due to weak governance and mismanagement. The new administration undertook a full-scale restoration, introducing modern facilities and a management model that combines public ownership with private-sector efficiency.

During the relaunch on Thursday, Governor Peter Mbah said the revived plant has already employed over 100 skilled and semi-skilled workers, with projections to generate more than 5,000 indirect jobs across transport, fabrication, distribution, and supply chains.

He stressed that the project aligns with his broader economic agenda to expand Enugu’s economy from $4.4 billion to $30 billion. “This is not merely the reawakening of old pipes and equipment, but the revival of industrial promise and productivity for our people,” Mbah said.

The plant’s new installed capacity includes the production of 100 cubic metres of oxygen per hour and 45 cubic metres of acetylene per hour. It will serve hospitals, manufacturers, welders, and agro-processors, ensuring steady supplies of medical and industrial gases while reducing reliance on costly imports and distant suppliers.

Mbah also announced plans to add nitrogen, argon gas, carbon dioxide, and compressed natural gas (CNG) stations to the production line in the near future.

Stakeholders described the relaunch as a turning point for the state’s industrial sector. Dr. Sam Ogbu-Nwobodo, head of the Enugu State Investment Authority, said the project had revived the original vision of the Okpara government. Chief Chike Madueke, Managing Director of Ten Gas Development Ltd the engineering firm responsible for the rehabilitation said the facility would also serve as a training hub for young people in the state.

Traditional rulers, community leaders, and business figures, including Nollywood veteran Kanayo O. Kanayo, applauded the administration for revitalizing state-owned assets and strengthening security to support industrial and creative activities.

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