Nigeria’s top cement makers generated a combined 3.2 trillion in revenue in the first half of 2026, up 26.5% from N2.5 trillion a year earlier.
Dangote Cement reported Nigeria revenue of N1.8 trillion, a 25.2% increase, while BUA Cement posted N728.9 billion, up 25.6% year-on-year.
HBM Nigeria, formerly Lafarge Africa, recorded the fastest growth among the three, with revenue rising 31.2% to N678.4 billion.
Retail cement prices rose steeply through the half, with a 50kg bag climbing from between N9,300 and N9,700 in January to as high as N13,000 to N15,000 by July.
Company executives attributed the growth to strong demand, operational efficiency and higher sales volumes, while Nigeria’s Ministry of Works has urged manufacturers to reduce prices.
All three companies accelerated capital investments to expand production capacity, with HBM Nigeria’s capital expenditure nearly fivefold to 141.5 billion naira.