Cement Market in Nigeria 2015-2019
About cement market in Nigeria
The demand for cement in Nigeria witnessed a healthy growth as a result of large-scale investment in the construction sector. In 2014, the construction sector accounted for 3.58% of the GDP. In 2014, the non-residential sector (transport and power infrastructure) accounted for the largest share in the construction market. Therefore, owing to such large-scale projects, the demand for cement is also increasing rapidly.
Technavio's analysts forecast the cement market in Nigeria to grow at a CAGR of 10.02% in terms of newly installed units over the period 2014-2019.
Covered in this report
The report covers the current and future market scenarios of the cement market in the Nigeria for the period 2015-2019. The market size was calculated considering construction spending and demand for cement (in terms of volume) in the country. The report also covers the present scenario of the construction sector and the major upcoming projects in Nigeria. The report gives a detailed analysis of the key vendors operating in the market. In addition, the report covers the major drivers, challenges, and trends influencing market growth.Key customer segments
Technavio Announces the Publication of its Research Report – Cement Market in Nigeria 2015-2019
Technavio recognizes the following companies as the key players in the Cement Market in Nigeria: Cement Company of Northern Nigeria, Dangote, Lafarge and UniCem
The other prominent vendors are: AshakaCem, Atlas Cement and BUA Cement
Commenting on the report, an analyst from Technavio’s team said: “Nigeria is facing a housing storage with a deficit of more than 17 million housing units as of April 2015. The housing mortgage industry has long been plagued with problems such as high interest rates. However, in 2014, the government launched the Nigeria Mortgage Finance Programme, aimed at providing mortgages to 10,000 first-time home buyers. The plan facilitates repayment tenures of 15-20 years, enabling the middle and low-income population to afford housing. Residential construction activities should increase as a result, thereby propelling the demand for cement.”
According to the report, according to estimates by the Cement Manufacturing Association of Nigeria, from 2002-2012, cement manufacturers invested over $4 billion in Nigeria to increase production in the country. This extensive investment will continue, with $2 billion of new plants being commissioned in the next two to three years.
Further, the report states that the architecture of a cement factory involves setting up a grinding plant, a rotary kiln, and a power plant. All of this requires heavy investment.
Cement Company of Northern Nigeria, Dangote, Lafarge, UniCem, AshakaCem, Atlas Cement, BUA Cement