Nigeria produces 31.25 million tonnes of cement annually. The news that BUA group is investing an additional $2bn to expand capacity is likely to drive the price of cement, currently N2,700 per bag, downwards.
In the global markets, oil prices climbed to $53pb due to the resumption of US refineries as Hurricane Harvey recovery commences. This development is good for external reserves accretion.
The attached slides sum up the events that took place in the domestic and global commodity markets this week.
Enjoy your read!
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