Abuja – An indigenous company, BUA Group, has embarked on the building of a $500 million cement  plant at Okpella community in Edo.

The plant, when completed, would   produce 2.5 million tonnes of cement annually.

The Executive Chairman of BUA Group, Alhaji Abdulsamad Rabiu, announced at the contract signing ceremony for the building of the plant on Tuesday in Abuja that the building of the “Edo Cement Plant’’ would be completed in August, 2013.

“The building of the Edo Cement will take 28 months to be completed and it is expected to offer jobs to 4,000 skilled workers and over 20,000 indirect jobs to Nigerians,’’ Rabiu stated.

He explained that the management of BUA Group settled for a Danish company known as FLSmidth to build the plant, saying that the establishment of the facility was to assist the country to attain self-sufficiency in cement production.

The industrialist said that the company expected that the plant would generate mass employment for teeming Nigerians.

It was  learnt that the financing of the project is to be provided by FLSmidth and a consortium of banks led by EcoBank, which has since provided  an initial 50 million dollars for the take off of the  plant’s construction.

Other banks in the consortium are First Bank, Diamond Bank, Fin Bank and Bank PHB.

The President of the Cement Manufacturing Association of Nigeria, Mr Joseph Makoju, lauded the management of BUA Group for the investment, saying that the plant would contribute significantly to the quest of the Federal Government to make Nigeria a cement-exporting  nation.

He lauded  the government for its back-integration policy in the cement sector, saying that the policy would assist in the effort to reduce the high cost of cement and other building materials in the country.

Makoju expressed delight at the involvement of the Danish firm to build the plant, recalling that the company had been involved in the building of many thriving cement plants in Nigeria.

The Vice President of  FLSmidth, Mr Per Mejnert Kristensen, gave an assurance that his company would complete the building of the plant on schedule while  commending the Federal Government for providing the atmosphere for foreign direct investment.

He said that his firm had been involved in the building of many cement plants in Nigeria, assuring that the company would build a facility Nigerians would be proud of.

The price of cement has continued to rise  in the country, making it difficult for many Nigerians to own their own houses. (NAN)