The Ebonyi State Government in Nigeria plans to borrow NGN150bn (US$102.95m) to finance the construction of a new state-owned cement plant, Governor Francis Nwifuru has announced. The borrowing provision forms part of the state’s proposed NGN884bn 2026 budget.
Speaking at a Citizens’ Budget Input event organised by the Ministry of Budget and Planning in Abakaliki, Governor Nwifuru said the decision marks a shift away from earlier attempts to revive the defunct Nigercem plant. Instead, the state will build “a brand new cement factory” to utilise local limestone and other raw material deposits.
“This is the first time we put borrowing in our budget,” he said. “We have put a project we will borrow money to fund, while the project would generate money to pay back the loan. That project is a brand new cement factory owned by the state government. We will borrow up to NGN150bn for a start.”
Nwifuru said the 2026 budget is the largest in the state’s history and allocates around 84 per cent of spending to infrastructure.
