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Value and Wealth Creation: Stylized Evidence from Nigeria’s Listed Cement Companies

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  • Oyakhilome Ibhagui

    (University of Kent)

Abstract

In this paper, we investigate the value and wealth creation of Nigeria’s cement industry from 2010 – 2013 when fi rms in the industry accelerated capacity expansion. We fi nd that the industry has, on average, been a consistent value creator. Cumulatively, the industry has also created wealth for shareholders. Our results show that between 2010 and 2013, the industry created a cumulative average value of 23.01% or 39.92billion in absolute Naira terms. Th e industry has also increased wealth levels of equity portfolio investors, creating a cumulative average wealth of 58.13% between 2010 and 2013, in our estimation. Th is implies investors who allocated equal capital to shares in the industry at the start of 2010, and held these shares without periodic revisions, would have earned an average return of 58.13% on the total invested capital, neglecting transaction costs.

Suggested Citation

  • Oyakhilome Ibhagui, 2017. "Value and Wealth Creation: Stylized Evidence from Nigeria’s Listed Cement Companies," Africagrowth Agenda, Africagrowth Institute, vol. 14(4), pages 12-17.
    • Handle: RePEc:afj:journ2:v:14:y:2017:i:4:p:12-17
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    Cited by:

    1. Kenny S, Victoria, 2019. "The Role of Public Sector Enterprise on Economic Development: A Case Study Of The Nigerian Power Sector (1981-2015)," MPRA Paper 93291, University Library of Munich, Germany.
    2. Kenny S, Victoria, 2019. "Exchange Rate Management and Economic Growth: An FMOLS Approach," MPRA Paper 93125, University Library of Munich, Germany.
    3. Kenny S, Victoria, 2019. "The role of agricultural sector performance on economic growth in Nigeria," MPRA Paper 93132, University Library of Munich, Germany.
    4. Kenny S, Victoria, 2019. "Macroeconomic Performance Indicators and Exchange Rate Misalignment in Nigeria," MPRA Paper 93292, University Library of Munich, Germany.
    5. Kenny S, Victoria, 2019. "Manufacturing Sector Performance, Exchange Rate Volatility and Inclusive Growth In Nigeria (1981-2015)," MPRA Paper 93296, University Library of Munich, Germany.
    6. Kenny S, Victoria, 2019. "Effects of Human Capital Investment on Unemployment Volatility in Nigeria (1981-2015)," MPRA Paper 93295, University Library of Munich, Germany.
    7. Victoria S, Kenny, 2019. "Effect of Foreign Direct Investment and Economic Growth in Nigeria," MPRA Paper 92873, University Library of Munich, Germany.
    8. Kenny S, Victoria, 2019. "Determinants of Manufacturing Sector Performance and Its Contribution To Gross Domestic Product In Nigeria," MPRA Paper 93293, University Library of Munich, Germany.
    9. Kenny S, Victoria, 2019. "Challenges of female entrepreneurship in Nigeria," MPRA Paper 93166, University Library of Munich, Germany.
    10. Sakiru, Olatunji Y, 2019. "Economic growth, exchange rate and FDI: A comparative analysis of Nigeria and Ghana between the year 1990 to 2000," MPRA Paper 92849, University Library of Munich, Germany.
    11. Kenny S, Victoria, 2019. "Employee productivity and organizational performance: A theoretical perspective," MPRA Paper 93294, University Library of Munich, Germany.
    12. Kenny S, Victoria, 2019. "A causal relationship between unemployment and economic growth," MPRA Paper 93133, University Library of Munich, Germany.

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