Table of Contents

Introduction................ 4

Executive summary. 5

The economy and the construction sector........... 6

Economy....... 6

Figure: Economy and population 7

Construction sector....... 8

Figure: Construction sector and the economy............. 9

Table: Construction sector importance and growth.. 11

Cement market....... 12

Figure: Principal existing Plants............... 12

Incumbent operations... 13

Figure: Cement plant locations 15

Market shares.......... 17

Figure: Share of nameplate capacity........ 17

Figure: Market share................ 18

Figure: Import share 19

Expansion and greenfield projects................ 20

Ghacem expansion................ 20

Western Diamond.. 20

Centrocem............ 20

Dangote (Greenview).............. 20

Figure: Major upgrades and new plants.... 21

New capacity............ 22

Figure: Nameplate cement production capacity (2005-2015E).. 22

Figure: Cement production capacity (2005-2015E)... 23

Competitive dynamics.. 24

Demand and supply................ 26

Cement demand........... 26

Figure: 2005-2011E cement demand........ 26

Cement supply............. 27

Figure: 2005-2010E annual cement production......... 27

Figure: Capacity utilization (2006-2010E) 28

Import and export activities........... 29

Figure: Cement imports............ 29

Figure: Cement imports: product types and evolution................ 30

Figure: Clinker import countries............... 31

Cement prices......... 32

Figure: 2006-2010 indicative cement prices............. 32

Outlook..... 34

Figure: Apparent cement demand projection (2005-2015)......... 34

Figure: Growth in apparent cement demand (2006-2015).......... 35

Next steps................ 37

Data tables............... 38

Supply-demand balance (2005 – 2010E, mm tons)........ 38

Production capacity market share (2009-2015E, %)...... 39

Commercialization capacity market share (2005-2014E, %, incl terminals)... 40

Imports by cement type (2005 – 2010E, tons)................ 41

Clinker import countries (2005 – 2010E, tons)................ 42

Table: Cement plant capacities (2005 – 2015E, mm tons)............... 43

Disclaimers.............. 44

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46

Electronic

USD650

April 2011