Nigeria’s three largest listed cement manufacturers generated a combined N3.2 trillion in revenue during the first half of 2026, driven by higher cement prices, increased housing development, stronger construction activity and sustained infrastructure spending.
According to the unaudited financial statements of Dangote Cement Plc, BUA Cement Plc, and HBM Nigeria Plc, the industry’s performance was supported by both higher sales volumes and price increases despite a challenging macroeconomic environment.
The results highlight the resilience of Nigeria’s cement industry, with all three manufacturers posting double-digit revenue growth, stronger profitability and continued investment in expanding production capacity to meet rising demand.
What the data shows
Combined Nigeria-only revenue for the three companies increased 26.5% year-on-year to N3.2 trillion in the first half of 2026, up from N2.5 trillion recorded in the corresponding period of 2025.
All three companies recorded double-digit revenue growth, supported by expanded distribution networks and stronger market penetration.
- Dangote Cement reported Nigeria revenue of N1.8 trillion, representing a 25.2% increase from the previous year. Including operations across 21 African countries, the group generated N2.5 trillion in total revenue, with Nigeria accounting for more than 70% of earnings.
- BUA Cement recorded N728.9 billion in revenue, up 25.6% year-on-year. Bulk cement sales rose sharply from N236 million in H1 2025 to N40.2 billion in H1 2026, reflecting stronger demand from infrastructure and industrial projects.
- HBM Nigeria, formerly Lafarge Africa Plc, posted the fastest growth among the three companies, with revenue increasing 31.2% to N678.4 billion following its transition to its new corporate identity under majority shareholder Huaxin Cement.
The performance reflects sustained demand across residential, commercial and infrastructure projects, with manufacturers benefiting from stronger sales volumes alongside improved pricing.
