Nigeria’s three largest listed cement manufacturers — Dangote Cement, BUA Cement, and Lafarge Africa — generated a combined revenue of NGN3.2trn (US$2.13bn) in the first half of 2025, up 97.8 per cent from NGN1.6trn in 1H24. The surge was driven by increased private and public sector construction activity, and a sharp rise in cement prices.
Market research revealed the average retail price of a 50kg bag of cement reached NGN10,000 in Lagos and Ogun states during the period, amid rising energy costs, raw material shortages, naira depreciation and poor road infrastructure affecting logistics.
Dangote Cement led with NGN2.0trn in revenue (up 119.7 per cent), followed by BUA Cement at NGN580.3bn (up 59.4 per cent) and Lafarge Africa at NGN516.98bn (up 74.9 per cent).
Combined profit before tax across the three firms hit NGN1.14trn, a 201.4 per cent increase from 1H24.
Despite inflationary pressures, analysts expect demand to remain strong through 2025. Sustainability initiatives and energy transitions like gas adoption may help offset cost challenges, while ongoing expansions and African Continental Free Trade Area-driven trade prospects suggest continued growth ahead for Nigeria’s cement sector.
