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Nigeria Industrial Goods Sector - Q3'20 Earnings Preview
| While 2020 started off on a positive note for cement producers (consumption expanded by c.5% y/y in Q1’20), the onset of social distancing measures threw a spanner in the works for most producers. | |||||
| The start of social distancing measures due to the pandemic as well as the slowdown in crude prices and receipts hit FG coffers in the second quarter, prompting a 20% downward review of the 2020 Capex budget. Disbursement was also largely muted as emergency healthcare PPE spend was prioritized in the period. | |||||
| However, with lockdown restrictions easing across the country in May, economic and more importantly, construction activities resumed. By the end of Q2’20, volumes had mildly recovered, taking H1’20 cement sales 2% higher y/y. |
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