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.
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.
The key players in the Cement Market in Nigeria are Cement Company of Northern Nigeria, Dangote, Lafarge and UniCem while other prominent vendors include AshakaCem, Atlas Cement and BUA Cement
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to a SWOT analysis of the key vendors.
About Fast Market Research
Fast Market Research is a leading distributor of market research and business information. Representing the world's top research publishers and analysts, we provide quick and easy access to the best competitive intelligence available. Our unbiased, expert staff is always available to help you find the right research to fit your requirements and your budget.
For more information about these or related research reports, please visit our website at http://www.fastmr.com or call us at 1.800.844.8156 (1.413.485.7001 Int'l)
You may also be interested in these related reports:
- Cement Markets in the World to 2019 - Market Size, Development, and Forecasts
- Cement Markets in Africa to 2019 - Market Size, Development, and Forecasts
- Cement Markets in Asia to 2019 - Market Size, Development, and Forecasts
- Cement Markets in the Top 5 Asian Countries to 2019 - Market Size, Development, and Forecasts
- Cement Markets in the Top 5 American Countries to 2019 - Market Size, Development, and Forecasts
Market Report, "Cement Market in Nigeria 2015-2019", published
Company: Fast Market Research, Inc.
Contact Name: Bill Thompson
Contact Email: press@fastmr.com
Contact Phone: 1-413-485-7001
Contact Name: Bill Thompson
Contact Email: press@fastmr.com
Contact Phone: 1-413-485-7001