A federal lawmaker has thrown his weight behind the Ebonyi State government’s plan to borrow N150 billion to build a new cement factory, calling it a vital step for job creation and affordable housing.
Rep. Chinedu Ogar, who represents Ikwo/Ezza South Federal Constituency, and chairs the House Committee on Reformatory Institutions, said the project is the centerpiece of Governor Francis Nwifuru’s proposed N884 billion "Budget of Actualisation and Hope" for 2026.
Speaking in an interview with our correspondent, Ogar dismissed fears that the loan would burden the state. He argued that unlike borrowing for consumption, this loan is for a "capital intensive" project that will pay for itself.
"If he can borrow to develop that cement factory, the revenue of that cement factory can pay back that loan," Ogar said.
He compared the move to business strategies used by Aliko Dangote, noting, "You have seen the loan he collected in building the refinery... and that factory is paying back that loan."
Ebonyi State is rich in limestone, the main raw material for cement. Historically, the state was home to Nigercem in Nkalagu, Nigeria’s first cement plant, which is now moribund.
Governor Nwifuru recently announced that rather than untangle the legal issues of the old plant, the state will build a brand-new facility.
Ogar believes the new factory will break monopolies in the cement market.
"If you have so many cement factories, it will create competition and you will see the price will drop drastically," he said. "It will help so many people that could not before, build their own house."
