Cement business is booming: Companies rake 3.2 trillion in 6 months amid price hikes

Nigeria’s three listed cement manufacturers generated a combined N3.2 trillion in revenue in the first half of 2026, a 26.5% rise from N2.5 trillion a year earlier, according to Nairametrics.

Dangote Cement led with N1.8 trillion in Nigeria revenue, followed by BUA Cement’s N728.9 billion and HBM Nigeria’s N678.4 billion, the latter posting the fastest growth at 31.2%. Price increases, driven by energy and forex costs, accompanied rising sales volumes as a 50kg cement bag climbed to N13,000 by July. The Ministry of Works had urged manufacturers to lower prices, but none had done so by mid-year.