Cement firms record ₦3.2tn revenue amid construction boom
Nigeria’s top cement makers generated a combined ₦3.2 trillion in revenue during H1 2026, driven by price hikes and infrastructure projects.
Nigeria’s top cement makers generated a combined ₦3.2 trillion in revenue during the first half of 2026 as price hikes, rising housing developments and infrastructure projects fuelled demand and pushed earnings to record levels. According to the unaudited financial statements filed by Dangote Cement, BUA Cement and HBM Nigeria, the industry’s strong performance was driven by a combination of higher sales volumes and price increases despite persistent macroeconomic challenges.
Combined Nigeria-only revenue rose 26.5% to ₦3.2 trillion in the first half of 2026 from ₦2.5 trillion recorded during the same period of 2025. Dangote Cement reported Nigeria revenue of ₦1.8 trillion, a 25.2% increase. BUA Cement posted revenue of ₦728.9 billion, up 25.6% year-on-year. HBM Nigeria recorded the fastest revenue growth among the three companies, with revenue rising 31.2% to ₦678.4 billion.
Management across the three companies attributed their record performances to strong demand, operational efficiency and disciplined execution, while expressing confidence that infrastructure spending and urbanisation will continue to support cement demand. Dangote Cement CEO Arvind Pathak said the company’s first-half performance reflected “strong momentum built since the start of the year”. BUA Cement CEO Yusuf Haliru Binji echoed a similar sentiment, saying the company had “delivered a strong quarter despite the constraints encountered”.
The winners: Dangote Cement, BUA Cement and HBM Nigeria, which have posted record revenues; and shareholders, who benefit from strong returns. The losers: Nigerian consumers, who face high cement prices; and the construction sector, which bears the cost of rising material prices.
Bottom Line: Cement producers are thriving on high prices and demand. The question is whether the boom will continue or fade.