Nigeria’s cement industry has recorded one of its strongest performances in recent years, with the country’s three largest manufacturers generating a combined N3.2 trillion in revenue during the first six months of 2026. The impressive earnings, posted by Dangote Cement, BUA Cement, and HBM Nigeria, reflect growing demand from Nigeria’s expanding housing market, major infrastructure projects, and commercial construction activities. Despite ongoing economic pressures, the sector has continued to thrive as higher cement prices and increased sales volumes pushed revenues to new highs.
According to the companies’ unaudited financial statements, combined Nigerian revenue climbed by 26.5 percent from N2.5 trillion in the first half of 2025 to N3.2 trillion in the same period of 2026. Dangote Cement remained the industry’s dominant player with N1.8 trillion in local revenue, while BUA Cement recorded N728.9 billion and HBM Nigeria posted N678.4 billion, marking the fastest growth among the three. Industry analysts say the strong results demonstrate the resilience of Nigeria’s manufacturing sector, even as businesses continue to navigate inflation, foreign exchange volatility, and rising operating costs.
Company executives credited the record-breaking performance to sustained demand across residential, commercial, and public infrastructure projects, alongside improved operational efficiency and stronger distribution networks. Dangote Cement’s Chief Executive Officer, Arvind Pathak, described the results as evidence of the company’s disciplined execution and robust market demand. Similarly, BUA Cement’s Managing Director, Yusuf Haliru Binji, expressed confidence that ongoing process improvements would further boost productivity, while HBM Nigeria’s leadership highlighted investments in plant reliability and a new three-million-tonne cement facility in Calabar to support future expansion.
The industry’s impressive revenue growth has, however, come alongside significant increases in cement prices. A 50kg bag of cement that sold for between N9,300 and N9,700 at the beginning of the year now sells for as much as N13,000 to N15,000 in some parts of the country. Manufacturers attribute the price increases to higher energy costs, foreign exchange pressures, and expensive logistics. Although Nigeria’s Ministry of Works has urged producers to reduce prices to ease the burden on contractors and consumers, no major price reductions had been announced by the end of the reporting period. At the same time, companies also reported rising transportation and distribution expenses, highlighting the increasing cost of doing business.
Looking ahead, investors remain optimistic about the future of Nigeria’s cement industry. The three manufacturers continue to invest heavily in expanding production capacity to meet growing demand fueled by urbanisation and government infrastructure spending. Although share prices of Dangote Cement, BUA Cement, and HBM Nigeria have experienced short-term declines, they remain significantly higher than a year ago, reflecting investor confidence in the sector’s long-term growth prospects. With construction activities showing no signs of slowing and new expansion projects already underway, Nigeria’s cement industry appears well-positioned to sustain its remarkable growth momentum in the coming years.
