Explains why Dec deadline for Nkalagu factory no longer feasible
Stephen Ukandu, Umuahia
President General of Ohanaeze Ndigbo Worldwide, Chief Emmanuel Iwuanyanwu, has urged Igbo business men and women to invest heavily in the cemetery industry because of its high profit margin.
he Ohanaeze PG who made the advocacy as a keynote Speaker during the Ikengaonline monthly town-hall meeting held Thursday, said that South-East had comparative advantage in the production of cement because of the abundance of lime stone in the zone.
He said that South-East could comfortably sustain five cement factories, adding that cement has over 200 per cent profit margin.
According to Iwuanyanwu, South-East can supply the whole of Africa with cement if the sector is properly harnessed.
Chief Iwuanyanwu, further said that foreign creditors were ready to give loans to investors willing to go into cement manufacturing.
He, therefore, encouraged Ndigbo to look towards the direction, promising to mobilise the needed support for anyone interested in the sector.
“Cement industry is very lucrative. The profit margin is about 200 per cent. International organisations that give loans, give loan very easily to those going into cement production.
“If any Igbo investor is willing to go into cement production, I will, I will join in persuading the state to assist in getting the mining lease.”
Iwuanyanwu, however, regretted that his earlier vision to revive the moribund once-famous Nkalagu Cement before December 2023, was no longer feasible due to some realities.
“I had a meeting with the consultant yesterday. It wasn’t a cheering one because the consultant told me that those equipment at Nkalagu Cement are obsolete. He also told me that the mining lease has expired, and that we will have to get another lease. He also told me that there is a problem with the State Governments.
“So, I’m not sure that the December deadline for the revival of Nkalagu Cement will work again. But I’m putting together some Igbo men who will take up that. We have enough land to set up five cement factories. The raw materials are in abundance here in South-East.”
