Reported by: Oahimire Omone Precious | Edited by: Oravbiere Osayomore Promise.
Dangote Cement has reinforced its iron grip on Nigeria’s cement industry, accounting for nearly 64 percent of the total market share by revenue in the first half of 2026, according to a market analysis by BusinessDay published on Saturday, August 8, 2026. The company posted a staggering N2.51 trillion in revenue during the period, cementing its position as the undisputed market leader and delivering a profit after tax of N638.5 billion, driven by its scale, pricing power, and extensive distribution network across Africa.
BUA Cement continues to narrow the competitive gap, holding 18.58 percent of the market with approximately N728 billion in revenue. Meanwhile, HBM Nigeria—formerly Lafarge Africa, now under Chinese ownership following its acquisition by Huaxin Cement—recorded N678 billion in revenue, representing a 31.2 percent year-on-year increase and a 17.3 percent market share. The three companies generated a combined revenue of about N3.92 trillion in the six months ended June 2026, underscoring the resilience of construction demand despite elevated borrowing costs and persistent pressure on developers.
The battle is now shifting beyond capacity. Industry analysts say the next phase of competition will be determined by pricing strategy, operational efficiency, and market penetration rather than sheer production volume. Dangote Cement remains the third most capitalised company on the Nigerian Exchange with a market value of about N17.4 trillion, while BUA Cement and HBM Nigeria follow with market capitalisations of N10.7 trillion and N5.9 trillion, respectively. With strong earnings growth reflected in share price performances—HBM Nigeria has gained an astonishing 173.2 percent year-to-date—the cement oligopoly shows no signs of slowing down. As construction activity gains momentum, with its contribution to real GDP rising to 4.85 percent in Q1 2026, the fight for market share in Nigeria's cement industry is entering a new and more competitive chapter.
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