Bulkcem Nigeria viewpoint

Bulkcem Nigeria viewpoint
17 March 2005

The managing director and chief executive officer of Eastern Bulkcem company, Port Harcourt, Nigeria, Mr. Vincent Nehikdora has identified hostile business environment as the major factor militating against the rapid industrialisation of the country. The government he said, has more work to do if it desires to attract investors.  Nehachora made the identification in Port Harcourt, Rivers State in an interview with Daily Champion.  The managing director declared that the industrialisation of Nigeria will take time to come because there is no enabling environment for it yet. 

Nehikhare stated that there are certain things that government must do to encourage industrialisation.  Investors, Nehikhare pointed out are businessmen who are keen on recouping their investments but the investment climate in the country keep depleting their profit margin on a daily basis.  He lamented that most investors like Eagle Cement provide their security, open and tarred road, provide water as well as fulfill their social responsibility to their host community. 

The managing director disclosed that since the company started production it has been generating its own power since there is no presence of the National Electric Power Authority in the area.  The company, which is currently constructing the access road to its factor at Rumu Olumeni near Port Harcourt has also been providing its water. 

He continued that though there is no facilities of government that the company is currently enjoying, Eagle Cement pays N150 million monthly as import duties; about N15 million annually as that and N1.3 million monthly as pay As you earn that as well as tenement rate. 

On the Nkalagu cement factory which the company acquired, Nehikhare debunked allegation that the core investors went home and sleep and allow the investment to rot. 
Rather, Nehikhare explained that immediately Eagle Cement won the bid for the factory a committee was set up to start the process of production. 

Eagle Cement, he disclosed has spent about N54 million to import spare parts for generators. Nehikhare also disclosed that the company is yet to receive the share certificate or power of attorney to take possession of the Nkalagu factory and this has forced the company to be cautious in spending money on what it is yet to take possession. 

Published under Cement News