The world is slowly but surely freeing itself from the shackles of the pandemic. Lockdown restrictions have been canceled. So, life is getting back to normal. People are craving to make up for lost time, especially business people. For instance, in Nigeria, there was a boom in the construction industry.
Dangote Cement Plc, Africa’s largest producer of the building material, logged record revenue in the first half of the year as demand for home construction in Nigeria and across the continent revived after the easing of coronavirus restrictions. Aliko Dangote, the richest person in Africa, amassed his capital with cement sales.
"Net income at the company, controlled by billionaire Aliko Dangote, surged 50% to 191 billion naira ($470 million) from 126.9 billion naira a year earlier. Revenue rose by 44.8% to an unprecedented 690.5 billion naira, the biggest jump since at least 2012," Bloomberg reported. "The growth trend continues," Chief Executive Officer Michel Puchercos said. "We are focused on meeting the strong market demand across all our countries of operation." Remarkably, Aliko Dangote differs from other African wealthiest people because he made his fortune not on retail, oil, or diamond production. He created his business empire by selling commodities such as sugar, salt, and flour. The billionaire also focuses on many other industries, including oil and gas, consumer goods, and manufacturing.
Other Nigerian businessmen are likely to try to repeat the success of Dangote by selling cement or being involved in other production. In 2022, Sub-Saharan Africa is poised to expand 4.1% next year. Therefore, an increase in demand for construction materials is projected. Countries are investing in the construction of roads, ports, and power plants to revive their economies.
