Dangote Cement expects Nigeria demand to rise by 10 per cent this year from 13Mt due to a real estate boom and government road building projects.
Wole Adeleke, finance director for the cement unit of private conglomerate Dangote Group, told Reuters there was strong demand for construction projects in the commercial capital Lagos and in southeastern states.
Total cement production in sub-Saharan Africa’s second biggest economy is less than eight million tonnes annually, with the shortfall made up by imports, analysts say.
Dangote controls up to 54 per cent of the Nigerian cement market, with its wholly-owned Obajana and Ibese cement plants, a controlling stake in Benue Cement, its role as a joint venture partner in Unicem Cement, and four import terminals.
"With the collapse of the stock market, people are re-allocating resources to real estate where the property market is booming," Adeleke said in an interview late on Monday.
"We have seen a lot of our cement going to Lekki (in Lagos), and the eastern part of the country where the property market is buoyant," he added.