“This indicates that Nigeria’s cement production per capita has to expand at a CAGR of 12.0 percent and 15.6 percent over the next 10 years for the country to meet the current production per capital of Brazil and Russia respectively,” said analysts with Chapel Hill Denham.
“In either case, we think government spending on infrastructure projects is the required catalyst to close the current gap between Nigeria and its emerging market peers,” said analysts at Chapel Denham Hill.
“We think that the way out of this, what some have described as an impending recession, is actually to spend rather than to cut back in any way,” Osinbajo said in an interview on Tuesday in the capital, Abuja.
Nigeria has 4 dominant cement players that control over 80 percent of the market.
The cumulative sales of Dangote, Lafarge, Ashaka and Cement Company of Northern Nigeria (CCNN) increased by 13.02 percent to N378.40 billion in June 2015 as against N334.40 billion last year. Net income grew by 25.34 percent to N152.85 billion.
“Nigeria needs to stimulate the economy by investing in infrastructure that will help the nation avoid recession,” said Kemi Adeosun, economist/Chartered Accountant and ministerial nominee.