Nigeria’s new president signals the dawn of a new era as the west African country aims to address long-standing macroeconomic imbalances. The domestic cement sector continues to add additional capacity in view of long-term market potential, but a number of stumbling blocks need to be overcome before latent demand is realised. By Moses Waireri Njuguna, EFG Hermes, Nigeria.

On 29 May 2023, President Bola Tinubu was sworn in as the fifth president of Nigeria. In his inauguration speech, President Tinubu made two key pledges: firstly, the removal of the petrol subsidy and secondly, initiation of strategies to unify the foreign exchange (FX) market. According to the World Bank, these are critical steps to address long-standing macroeconomic imbalances and have the potential to establish a solid foundation for sustainable and inclusive growth.