On Wednesday, the Bauchi State Government signed a Memorandum of Understanding (MoU) worth $1.5 billion with a renowned cement company, Resident Cement Company, to establish a massive cement production plant in the state.
The company will be located in the Gwana District of Alkaleri Local Government Area and is expected to produce 10 million tonnes of cement annually.
The cement company will also construct a 100-megawatt electricity plant, a dam, and a truck parking space, among other social amenities, to support the project, which will benefit not only the company but also the host community and the state at large.
The signing of the MoU marked a significant milestone in the state’s efforts to attract foreign investment and boost its domestic revenue generation efforts, which will grow the economy.
The project will not only generate employment opportunities for the teeming unemployed youths but also stimulate economic growth and development in the North East region.
The State Governor, Sen. Bala Mohammed, who witnessed the signing of the document, assured the company of his government’s commitment to providing an enabling environment for investors to thrive.
He also pledged to prevent any encumbrances that might hinder the smooth execution of the project.
Bala Mohammed has assured the state’s readiness to partner with relevant investors in harnessing the abundant mineral and natural resources the state is endowed with to assist in making the state financially independent.
He added that his administration will partner with the federal government to remove all administrative bottlenecks for the smooth actualisation of the project.
He appealed to other investors to come to the state and invest, assuring them of his administration’s security of their lives, properties, and investments.
The State Commissioner for Natural Resources, Mohammed Maiwada Bello, and the Attorney General and Commissioner for Justice, Hassan El-Yakub SAN, signed the MoU on behalf of the state government, while the Group Chairman of Resident Cement Company, Abbas Junaidu Waziri, signed for the company.
The Commissioner praised Governor Bala for his enormous efforts in working with many stakeholders to advance Bauchi State’s growth and development, which will also function as a tool for the state’s economic expansion.
He gave the company his word that everything would be provided to enable the realisation of this important and enormous development, considering this is the first of its kind.
In brief remarks, Dr Junaid Waziri, Chairman of Resident Cement Company Ltd., praised the Governor for authorising the construction of a cement factory in the Gwana District of the Alkaleri Local Government Area of the State.
He assured that the development will help the state’s economy flourish and create jobs for young people throughout the state.
The partnership is a testament to the Bauchi State Government’s resolve to diversify its economy and attract foreign investment, as the project is expected to have a positive impact on the state’s economy and provide a boost to the cement industry in Nigeria.
With the government’s commitment to supporting the project, the future looks bright for the people of Bauchi State.
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