Ondo State Commissions Dimension Stones, Marbles’ Factory

By February 28, 2018 Investment News

Ondo State has commissioned a dimension stones and marbles’ factory in the state.The Minister of Solid Minerals Development, Dr. Kayode Fayemi, commissioned the factory at Afo community, in Ose Local Council Area.
The company, OFL-Marble and Granite Ltd was unveiled to commemorate the one-year anniversary of Governor Oluwarotimi Akeredolu. A Chinese company, Xiamen Win Stone, would run the company, which is scheduled to produce 1.5 meters of dimension stones yearly.

The minister said the facility would stimulate the local economy and provide an alternative for the huge foreign exchange expenditure in the area.He said it would fill the gap in the country’s importation of marbles for the construction companies and other end-users. He explained that Nigeria imports 3.5 million meters of granite marbles and asphalt, out of the 4 million that is required yearly in the country.

“Every year in Nigeria, construction factories and various consumers use about 4million square meters of granites marble. “Only about half a million is produced locally, and we import the remaining 3.5million meters from China, Italy, Spain and all other countries where they are produced,” he said.

According to him, the 1.5million capacity factory would save the country’s hard earned foreign exchange, create employment opportunities and substitute for imports.He disclosed that the company’s products would compete with any one else in the world.Fayemi said the company would not only create employment for residents of the community, but would also open up the construction works in the state and beyond.

He commended Akeredolu for facilitating the project, adding: “Most people do not know the resources that are buried under the soil in this country until they start to excavate them and turn them to wealth.He also lauded his administration for his commitment to the non-oil sector of the economy.

He cited projects like the multi-million naira poultry and egg powder plant in Emure, the ethanol plant in Ose and other agricultural initiatives of the governor.Fayemi promised that the Federal Government would support the state to utilise its natural resources for the sustainable development of the state. Akeredolu pledged his administration’s commitment to the development of the people, adding that he would make the state to become an investment hub in the country.

Source: Guardian