Building and construction, the second-fastest growing sector in Nigeria, grew by 14.31% Q3’13, while the real estate sector has also sustained double-digit growth at 10.35% according to research firm Meristem Securities Limited, Business Day online reports.
The poor state of housing and road infrastructure has helped to push demand for construction materials, thereby bringing about tremendous growth to companies in the building and industrial goods sector.
The country’s rapid rate of urbanisation, which stands at 51% is pushing demand for cement and dominant players in this sector are benefiting.
Four dominant players in the industrial goods sector – Dangote Cement plc, Lafarge Wapco plc, Ashaka Cement plc, and Cement Company of the Northern Nigeria (CCNN) – achieved double-digit growth rate in revenues as at the third quarter of last year. Their unaudited results for the nine months ended September 30, 2013 showed they collectively rose revenue by 21.7 percent to N392.17 billion from N322.20 billion recorded in the corresponding period of 2012.
By Bala Augie