Three leading cement companies in Nigeria, with operations spanning regions like Rivers State, generated a combined revenue of N3.2 trillion in the first half of 2025, a 97.8% increase from N1.6 trillion in the same period last year, propelled by soaring cement prices and strong demand from construction projects nationwide.
Dangote Cement topped the charts with N2.07 trillion in revenue, up 119.7% from N942.71 billion in 2024. BUA Cement followed, reporting N580.3 billion, a 59.4% rise from N363.9 billion, while Lafarge Africa recorded N516.98 billion, up 74.9% from N295.58 billion.
The revenue spike was driven by cement prices averaging N10,000 per bag in retail markets, including those in Rivers State, Ogun, and Lagos, fueled by rising energy costs, scarce raw materials, and a weakened naira impacting imported inputs.
The companies’ profit before tax soared to N1.14 trillion, a 201.4% jump from N379.7 billion in 2024. Dangote Cement’s profit before tax reached N730.03 billion, up 149.2%, while BUA Cement’s surged 435.3% to N214.8 billion.
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Lafarge Africa posted a 328.3% increase to N199.74 billion. Yusuf Binji, BUA Cement’s managing director, attributed the robust performance to operational strength and sustained market demand, including in key regions like Rivers State.
Analysts point to escalating diesel prices, poor road networks complicating distribution, and strong demand from private and government projects as key drivers of the price surge. Experts forecast cement prices may stay high through 2025 due to persistent inflation and energy cost pressures, though government initiatives to stabilize the economy and boost local production could ease future hikes.
Nigeria’s cement market, including active hubs like Rivers State, is expected to grow 8.4% annually, reaching $1.44 billion in 2025, with a projected compound annual growth rate of 7.9% through 2029. Despite economic challenges, the sector’s strong financial performance underscores its critical role in supporting Nigeria’s infrastructure and housing boom.
