Revenues declined for many major players in the African cement industry between 2023 and 2024, with Dangote Cement, the continent’s largest by revenue, recording the sharpest drop among the top firms. Its earnings fell from $3.2 billion to $2.4 billion — a 24.3% decline — underscoring how challenging the operating environment has become, even for market leaders.
Cement demand is closely tied to infrastructure spending, real estate activity, and economic stability. When governments delay projects, currencies weaken, or financing becomes expensive, and cement sales are affected almost immediately. The declines across several large producers suggest that these headwinds were widespread rather than company-specific.
