Top 10 Cement Manufacturers in Nigeria

According to a study conducted by the central Bank of Nigeria in 2019, the formal housing production is set at approximately 100,000 units per year. With a population of 213 million people and an average household size of 5 people, Nigeria needs at least 42 million houses. More than half of these demands are unmet, demonstrating a glaring inadequacy. Additionally, about 1 million units are needed annually to address the staggering 28 million housing deficit in the country. In line with this pressing demand, the 2024 outlook report by Cardinalstone on the Nigerian cement industry, forecasts a significant growth in the demand for housing in Nigeria.  

Over the past decade, real estate developers and other players in the housing sector have struggled with rising costs of construction inputs. Supply chain disruptions and a consistent increase in demand has caused a surge in the price of building materials, especially cement. Just recently, the average price of cement moved from ₦7,000 in January 2024 to ₦12,000 in February 2024. This represents a 71% increase within the space of one month.  

The Federal Government has made efforts to control the rise in the price of cement, by arranging a meeting with manufacturers to peg the cement price nationwide between ₦7,000 and ₦8,000 per 50kg bag of cement. But despite this, the price of cement in the Nigerian market remains outrageously high as a 50kg bag of cement still goes for an average of ₦12,000 across the country.  

One of the first impacts of this uptick in cement prices is that it will worsen the housing deficit issue in the country. With construction costs on the rise, the prices of houses for sale or rent are expected to increase. This poses a significant challenge, particularly considering the declining household income across the country, making access to affordable housing even more elusive for millions of citizens.  

Addressing this issue requires urgent action from the government, as the government needs to impose strict measures to solve these challenges. In the article below, we conducted a comprehensive analysis to identify and rank the top ten cement manufacturing companies in Nigeria with data on the current prices of their products. 

1.) Dangote Cement Plc (DANGCEM) 

Dangote Cement is the most prominent cement manufacturing company in Nigeria. The company together with its subsidiaries, principally operates plants for the preparation, manufacturing and distribution of cement and related products.  

The company operates in both Nigeria and Pan African countries. In Nigeria, Dangote operates three manufacturing plants which are the: Obajana cement plant in Kogi State, Ibese plant in Ogun State and Gboko cement plant in Benue State. In Pan African countries, it covers operations in Cameroon, Ethiopia, Ghana, Senegal, South Africa, Tanzania and Zambia.  

Dangote Cement is among the few cement companies listed on the Nigerian Stock Exchange (NSE), boasting a market capitalization of 10.7 trillion as of February 26th,2024. This places it as the leading cement company by market capitalization on the NSE.   

According to the H1 2023 report released by dangote cement, the company reported a 17.7% increase in revenue from ₦808 billion in H12022 to ₦950.8 billion in 2023. They also reported a 4.8% revenue increase in a nine-month report from ₦890.6 billion in 2022 to about ₦933 billion. The growth in the revenue can be attributed to an increase in the company’s production levels, which increased by 9% in q2 2023. 

Analyzing the H1 report in the chart below, Dangote cement has witnessed consistent growth in its revenue in H1 from 2010 to 2023. 

2.) BUA Cement Plc 

BUA Cement Plc is the product of a strategic merger between Cement Company of Northern Nigeria Plc and Obu Cement Company Plc. With four operational plants strategically distributed across Nigeria — including two in Obu, Edo State, and three in Sokoto State — the company’s consolidated installed capacity is set to approach the projected 17 million metric tonnes per annum. This shows the company’s deliberate consolidation strategy aimed at optimizing production efficiency and market penetration. 

In the report released by the company on the nine months ended in 2023, BUA Cement’s revenue surged by 27.90% from ₦262.59 billion in the corresponding period of 2022 to ₦335.86 billion. Additionally, the company saw a slight increase of 2.77% in profit after tax, rising from ₦9.72 billion in the nine months ended in 2022 to ₦76.06 billion in 2023 

As of February 26th, 2024, BUA Cement holds the position as the second most valued cement manufacturing company listed on the Nigeria Stock Exchange, boasting a market capitalization of ₦5 trillion. 

3.) Lafarge Africa (WAPCO) Plc 

Lafarge Africa is the next best cement manufacturing company in Nigeria. The company is a member of the Holcim Group, and it has a diverse range of cement products tailored for various construction needs: 

  • Elephant Cement: This is a versatile and multi-use cement ideal for a wide array of applications. 
  • Supaset: This cement is a rapid-setting cement engineered to meet the demands of block makers, with its fast-setting properties and rapid strength gain. 
  • Powermax: It is a high-strength cement designed for the sophisticated contractor segment. 
  • Etex: A high-performance cement, meticulously designed to meet specifications for the manufacturing of roof tile 
  • Sulphate Resistant Cement (SRC): It is specifically formulated for coastal construction, as SRC offers resilience in challenging environments. 

Lafarge has plants strategically located across Nigeria. It has two plants located in the South-west in Ewekoro and Sagamu in Ogun State, which both have a combined production capacity of 4.5 million metric tons per annum. It also has a plant located in the South in Mfamosing and another in the Nort-east region in Ashaka. These plants enable Lafarge to maintain an impressive installed cement production capacity of 10 million metric tons per annum. 

Lafarge Africa (WAPCO) ranks as the third-best performing cement company listed on the Nigeria Stock Exchange, boasting a market capitalization of 578 billion as of February 26th, 2024. According to the financial statement report published in 2023, the company revealed a notable 7.59% increase in revenue, with figures climbing from ₦246 billion to ₦264 billion during the initial nine-month period in 2023 

The following charts analyze the revenue generated by Dangote Cement, BUA and Lafarge in the first half of each year from 2019 to 2023, along with their market capitalization on the Nigerian Stock Exchange  

4.) Ibeto Cement Company Ltd 

Ibeto Cement Company Ltd which is a subsidiary of the Ibeto Group, started operation in 1997 and the Bagging Terminal was incepted in 2001 followed the Federal Government’s ban on cement importation in bags and the implementation of a new policy promoting bulk importation and local bagging. Strategically located in Bundu Ama, Port Harcourt, Rivers State, the terminal commenced bagged cement production in June 2005. 

It is equipped with an ultramodern bagging plant boasting a flat-storage capacity of 50,000 metric tonnes, the terminal exhibits a robust production capacity of 1.5 million tonnes annually, translating to a daily output of no less than 6,000 metric tonnes.  

It has two (2) production lines, each with a capacity of 2700 of 50kg bags per hour, a third production line for big bags of 1500kg it is popularly known as the Big Bag Plant and a fourth production line for Bulk Cement powder which is loaded on special cement trucks fitted with tanks and discharge pumps 

The Ibeto Group is in the process of establishing a 5 million tonnes per annum or 12 tonnes per day in Eboniyi State.  

5.) United Cement Company of Nigeria Ltd (UniCem) 

United Cement Company of Nigeria Ltd stands out as a prominent brand from Lafarge Africa in the eastern region of Nigeria, it has an installed capacity of 5 million metric tonnes (MMT). It is known for its consistent quality and reliability, UniCem cement demonstrates exceptional durability and structural integrity, making it highly sought after by developers and contractors alike.  

With its superior workability and rapid strength development, UniCem cement is strategically positioned to meet the diverse needs of both residential and commercial real estate projects, serving as a cornerstone for sustainable construction practices in the region. 

6.) Ashaka Cement  

This is also a prominent brand from Lafarge Africa Plc. The cement was incorporated in August 1974 and commenced production in 1979 as a cement manufacturing and marketing company under the name Ashaka Cement Plc. The company was founded by the defunct Nigerian Industrial Development Bank (NIDB) Limited, the Nigerian Bank for Commerce and Industry (NBCI), Northern Nigeria Investment Limited (NNIL) and the government of the then North-Eastern State (now Adamawa, Bauchi, Borno, Gombe, Taraba and Yobe States.  

With a annual installed cement production capacity of 1 million metric tonnes per annum (MTPA), Ashaka Cement has remained at the forefront of the industry. The company’s integration into the Holcim Group in July 2002, following the acquisition of Blue Circle Industries, UK, marked a significant milestone. In 2018, Ashaka Cement became a subsidiary of Lafarge Africa Plc, further solidifying its position in the market. The company produces the 32.5 (a multi-purpose product) and 42.5 (a high strength cement for the sophisticated contractor) types of cement which stand out for consistent high quality. 

7.) Niger Cement Company (NIGERCEM) 

The Nigerian Cement Company was the first cement company to be established in Nigeria. It was established by the Federal Government in collaboration with the Eastern Government in 1956 in Nkalagu, Eboniyi State.  

This company began operations in 1957 with a production capacity of 120,000 metric tons but was privatized in 2002. 

8.) Eagle Cement Corporation  

Eagle Cement Corporation is the owner of eagle cement. The factory is located in Port Harcourt and it is one of the recognized cement brands in Nigeria.  

9.) Reagan Cement Company Ltd 

This is another notable producer of cement in the country. The Reagan cement is a subgroup of Reagan cement company Nigeria Limited. Reagen cement ventured into the Nigerian cement industry in 2013 and since then, they have provided quality products to customers. 

10.) Powermax cement  

PowerMax cement is a premium technical cement that provides strength, versatility and durability benefits to customers. This cement has characteristics of super workability, high early and 28-day strengths, making it an effective solution to the productivity demands of construction projects.  

The attribute of low heat of hydration reduces the risk of cracking in large concrete pores with lowered peak temperatures at all ages. 

Current price list of various cement brands in Nigeria    


Read more articles like this on our insights page www.buyletlive.com. You can also send us your comments, feedback, and contributions to research@buyletlive.com    


Scroll to Top