The leading cement manufacturers in Nigeria—Dangote Cement Plc, Lafarge Africa Plc, and BUA Cement Plc—reported a notable revenue of N5.8 trillion for the nine-month period ending September 30, 2026. This figure marks a 21% increase compared to the N4.8 trillion revenue reported during the same period in 2025, driven primarily by a rise in cement prices.
A detailed analysis of the revenues indicates that Dangote Cement alone accounted for N3.8 trillion, achieving a 19.6% rise from N3.15 trillion in 2025. Additionally, the company’s production capacity grew by 9% to 22.1 million metric tonnes, while cement sales reached 14.1 million tonnes, an increase of 6.4% compared to the previous year. The average selling price for cement also climbed by 9.4% to approximately N170,493 per tonne.
Cement and clinker exports from Nigeria surged by 41.8% to 1.5 million tonnes, including shipments to countries like Ghana, Cameroon, and Ivory Coast. Meanwhile, sales in other African countries rose, with Senegal experiencing a notably high growth of 30%.
BUA Cement reported a revenue of N1.09 trillion, representing a 26.5% increase from N858.72 billion in 2025. HBM Nigeria, formerly known as Lafarge Africa, declared N928.25 billion in revenue, which is an increase of nearly 19% from N780.5 billion in the prior year. Average prices for a 50kg bag of cement ranged from N12,000 to N15,000 in mid-2026, compared to around N10,000 in September 2025.
The construction sector in Nigeria has shown renewed vigor, supported by government infrastructure projects and private investments, contributing to a reported year-on-year growth of 6.38% in the second quarter of 2026. Major projects, including thousands of kilometers of highways and substantial housing units under development, signify a robust demand outlook for cement.
However, the increase in revenue was accompanied by a rise in the cost of sales, amounting to N2.23 trillion, compared to N2.04 trillion the previous year. The combined profit before tax for the three companies reached N2.01 trillion, reflecting a 21.4% increase from N1.66 trillion in 2025. Dangote Cement led the profit contributions substantially, contributing about 57% of the total.
While BUA Cement experienced the most significant profit growth among its peers, challenges such as energy costs, operational hurdles, and geopolitical tensions in the Middle East have impacted production and distribution efforts. Meanwhile, HBM Nigeria achieved a 32.3% increase in profit before tax, showcasing strong volume growth and efficient distribution.
