Africa, Business, invesment, Invesments, news, Uncategorized, World Bank, World Bank Group

Africa News November 27, 2013 at 03:23PM

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VENTURES AFRICA – Nigeria has overtaken South Africa as the biggest cement manufacturer in sub-Saharan Africa (SSA), as a result of growing demand and favourable government regulations in Africa’s second largest economy, according to a Renaissance Capital research.

“The Nigerian cement market has changed significantly, driven by a viable environment, rising demand, and increased investment on the back of aggressive economic growth,” said the David Nangle-led group.

According to RenCap, Nigeria’s current industry capacity surpassed the 20 metric tonnes per annum (mtpa) mark, well above South Africa’s current production of 18.3 mtpa.

Africa’s most populous nation is also now the third-largest cement maker in the broader Middle East, only lagging behind Egypt and Saudi Arabia, the group’s report showed.

“We are optimistic about the sustainability of Nigerian cement demand in the long term, given the quickened pace of socio-economic development currently being experienced in the country,” said Nangle.

RenCap said Nigeria’s largest cement producer, Dangote Cement, owned by Africa’s richest man Aliko Dangote, was the major force behind the country’s cement success story.

Dangote Cement which operates 3 plants in Nigeria including the largest in sub-Saharan Africa –has consolidated its position as one of Africa’s leading cement manufacturer with annual production capacity of over 19 million tonnes.

 

 

 

 

 

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