Nigerian cement giants turn to investors

INTERNATIONAL – Nigeria’s two largest cement makers are turning to investors to help kick-start growth and take advantage of strengthening sub-Saharan African economies and infrastructure spending, including in their home market.

Lawmakers in Nigeria this month approved a 2018 budget of 9.1trillion naira (R314.55billion), the nation’s biggest spending plan yet, with almost a third of it going into roads, rail, ports and power.

In South Africa, where both Dangote Cement and Lafarge Africa also have operations, fixed investment expanded in the last quarter of 2017 as sentiment started to change in the run-up to President Cyril Ramaphosa winning control of the …read more