Lawmakers in Nigeria this month approved a 2018 budget of 9.1trillion naira (R314.55billion), the nation’s biggest spending plan yet, with almost a third of it going into roads, rail, ports and power.
In South Africa, where both Dangote Cement and Lafarge Africa also have operations, fixed investment expanded in the last quarter of 2017 as sentiment started to change in the run-up to President Cyril Ramaphosa winning control of the ruling party and becoming national leader in February.
Dangote, controlled by Africa’s richest man, Aliko Dangote, said last month it is looking to raise $500million (R6.29bn) from a Eurobond sale and will also issue 300bn naira in local-currency bonds to refinance debt and boost expansion. That’s before a proposed London initial public offering in the next two years, which people familiar with the matter have said could raise about $1bn.
Meanwhile Lafarge Africa, the Lagos-listed unit of Switzerland-based LafargeHolcim, is seeking to raise about 100bn naira through equity or debt on top of a rights issue of about 130bn naira late last year.