By Listed cement companies in Nigeria recorded a combined pre-tax profit of N984.4 billion in 2024, driven by increased demand and strategic price adjustments.
The surge in profits follows broad-based price hikes in response to inflation and economic reforms, with cement prices rising to as high as N8,000 per bag.
Dangote Cement led the industry with a pre-tax profit of N732.5 billion, a 32.3% increase from 2023. Lafarge Africa saw a 93.3% rise to N152.3 billion, while BUA Cement posted N99.6 billion, up 48.2% from the previous year.
By mid-2024, Nigeria’s cement production capacity reached 62.8 million metric tons per annum (MMTPA), spread across five geopolitical zones, with industry leaders expanding plants to support exports.
David Adonri, vice president of Highcap Securities Limited, attributed the sector’s strong performance to rising infrastructure development and construction projects across the country.
He emphasized that demand from both government and private sector projects, coupled with strategic pricing, helped cement companies maintain profitability despite inflation and rising costs.
