President GoodLuck Jonathan gave the assurance at the inauguration ceremony of Lafarge cement factory, Ewekoro, in Ogun state.

According to the President, government’s plan is informed by the need to give fresh impetus to local cement manufacturers and drive home the policy of backward integration that places premium on self-sufficiency in the needs of the country.

He said that available statistics within the local cement manufacturing sub-sector gives optimism that the current importation of cement to augment the shortfall in local demand would end by September, next year. That suggests that the capacity build-up within the sector can meet local demands if properly harnessed.

Besides, he explained government’s determination to diversify the economy, independent of oil. Nigeria is reportedly depleting its oil reserves, making local production of cement one of the focal points of diversifying the resource base of the economy. Agriculture is the other potential resource base that government is planning to invest heavily in.

All said, the President’s proposed policy is good news to both the economy and local cement manufacturers who for years have been groaning under heavy importation of the product. Ordinarily, if the policy becomes a reality, it will boost self-sufficiency and local consumption of cement and consequently reduce the present high cost of the product.