The great slowdown of 2012
After years of consistent sales growth by Nigerian non-financial companies, in the past 18 months several of the companies under our coverage have seen a marked deceleration in growth. Strictly speaking, our narrow definition comprises consumer goods companies and cement producers. There are exceptions to the rule: the cement producers have seen significant growth thanks to the ramp-up of recently added capacity. However, the majority are in the former camp: excluding the cement companies, seven saw a deceleration in sales growth compared with three that saw an acceleration in 2012. Among the seven is Guinness Nigeria, while in the minority group food conglomerate UAC of Nigeria (UACN) stands out with around 17% y/y sales growth in 2012.
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