CFI Group to build cement factory, mobile refineries in Nigeria

CFI Group and a consortium of foreign investors have concluded plans to build the largest cement factory on the continent.
The company and its partners are to invest USD$3.5 billion in the project.

According to a statement signed by the company’s executives, the investment will be in the longterm interest of Nigeria and Africa to bridge the difficulty in local supply of cement and cut its prices for the benefit of the Nigerian economy and its people.

Leaders of the team of investors, Dr. Saur Collins who represents CFI Group, Germany, and Breaner James who represents ADACOM Group, Spain, commended the chairman of CFI Group in Nigeria, Dr. Uche Ugbaja and hoped that in line with the work plan already in progress since 2009, the project would start operations before the end of 2015.

On his part, Ugbaja assured the group that Nigeria is the best economy to invest in the world today, where investors get 100 per cent return on investments.

He added that the present administration of President Mohammandu Buhari was doing its best to promote foreign investment in the country.

He also noted that investors should discount negative reports about Nigeria and her people, and disclosed that when the cement factory is completed, it would be one of the largest factories in Africa and will help to fast track local production of cement.
Ugbaja thanked the delegates and also urged government to create enabling environment for the development of the economy.
Ugbaja said the realization of the project would create over 3000 job opportunities and promote the economy as well and save the country sizable foreign exchange spent in the importation of cement, with its attendant high cost.

He noted that the investment would boost Nigerian economy and also advised the present administration on its agenda to achieve the vision 20:2020 and make Nigeria regain its pride in the comity of nations.

The Nigerian chairman of CFI Group said the cement company would be located at Itakpe and Arochukwu in Cross Rivers and Imo States respectively.

In a related development, CFI Petroleum and Gas Ltd/Skyritz are set to build 10 mobile refineries in Nigeria capable of producing 50,000 barrels each per day.

Regional Coordinator for CFI Petroleum and Gas Ltd, Dr. Uche Ugbaja, stated that mobile refining remains the only way to stem import-dependence and the effects of declining crude oil prices in Nigeria.

The mobile refineries, Ugbaja disclosed, would be established in Warri, Delta State, Eket, Akwa Ibom State, Oguta, Imo State, Around Shell Field, Rivers State and Epe, Lagos State.

Ugbaja said the decline of prices of crude oil at the international market ought not to be concern to Nigerians if local refining was at its optimum, adding that local refinery would cushion other expenses and boost GDP.
Ugbaja stated that more than 243 products are associated with crude oil but only three are being maximised in Nigeria.

According to him, “When we refine and maintain mobile refineries, we harness more products to boost the country’s economy. We should not entertain any fears on the current decline in crude oil prices globally. CFI petroleum & Gas Ltd/Skyritze are working seriously to ensure that the proposed 50,000 barrels per day of mobile oil refinery in the country is actualized”.

Ugbaja assured that when the mobile refineries come on stream, the country would continue to build and maintain a healthy external reserves position.