West Africa powers up
West Africa’s booming population and economic development are expected to fuel cement consumption in the long term and the region’s prospects look bright. However, as the regional cement sector rapidly builds production capacity to keep pace with anticipated demand, challenges remain for the industry, including inflation, lower oil receipts and power shortages. By ICR Research, UK.
West Africa’s population is set to more than double between now and 2050, when it will be home to nearly 800m people, 500m of whom will be of working age. Economic growth will accompany this demographic expansion, driving demand for infrastructure and housing and lifting cement consumption far higher than its current 119kg per capita.