Nigeria: Cross-industry body Manufacturers Association of Nigeria (MAN) recorded a 30% year-on-year drop in all-Nigeria cement sales during the first half of 2023. MAN attributed the decline to the government’s replacement of the naira with a new central bank digital currency. The Punch newspaper has reported that this ‘wiped out’ some cash-based businesses, including cement retailers. Point of sale charges also increased costs along the supply chain. The association said that the impacts of the policy led manufacturers in some sectors to halt their operations.
Nigerian cement sales dropped amid currency change in first half of 2023
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