The management of Lafarge Wapco Cement Nigeria plc has estimated that Nigeria has a market potential of cement consumption of over 50 million metric tons per annum, against the present 28 million metric tons and $6 billion investment.
According to the international company which started business in 1833, “the cement consumption potential of the Nigerian market is huge”.
Joe Hudson, the managing director of Lafarge Wapco Nigeria who assessed Nigeria’s market while addressing his business partners in Lagos over the weekend calculates that presently there is low consumption but this could double to about 50 million metric tons in consideration to the country’s large population.
He however recognised the amazing consumption growth of about 10 million metric tons in last 10 years saying there is nowhere in the world has there been such an incredible expansion but believed that Nigeria is yet to attain the peak in cement consumption.
Hudson therefore encouraged the distributors to do things differently to increase consumption.
“We need to work together to increase consumption. We want cement to get to the nooks and crannies y of the country and we will partner to achieve this. We are ready to provide support to you in this regard”, he said.
The chairman of the company, Olusegun Oshunkeye who also spoke at the forum organized to reward the company’s distributors for outstanding performance in 2012 used the opportunity to thank the Federal Government for its support to the cement industry.
He said the backward integration policy introduced by government in 2002 has gone a long way to consolidate the growth and gains of the cement industry where the production capacity of the nation has moved from 2 million metric tons about 12 years ago to 28 million metric tonnes today in Nigeria.
“Nigeria is making progress”, he confidently said. In 2002, the major priority of the country’s Backward Integration Policy was about cement production from limestone.
Speaking recently, the Minister of Trade and Investment, Olusegun Aganga the country has been able to save about N210 billion in foreign exchange per year due to the BIP. At the Lafarge award forum, various outstanding distributors were encouraged and rewarded with prizes ranging from laptop to vehicle trucks.
For the umpteenth time, Oyinbashy Enterprises clinched the highest volume mover prize, Mabos Ayok Investment Company Limited received the second prize while the third prize went to French Joga Nigeria Company Limited. They got Tata trucks.
Corporate prizes went to Julius Berger, Cappa and D’Alberto and El –Ellan Construction company while Temi Tope Oil Nigeria Limited, Jolly Friends, Peters Jitobor Nigeria Limited and Dunu Industries Limited received Hyundai cars for highest volume sales. 22, top customers in various territories received 5KVA generators. Four emerging customers received deep freezers. In all about 50 customers were rewarded with prizes valued at over N150 million.