Nigeria’s listed cement companies all grew 60%+ in 2024—BUA led with 90%

Key takeaways

  • Nigeria's largest cement manufacturers each recorded over 50% revenue growth in 2024
  • BUA Cement recorded the largest revenue growth in 2024 (90.5%), nearly doubling its revenue from ₦460 billion in 2023
  • Dangote Cement's revenue exceeded the combined revenue of BUA Cement and Lafarge Africa in both 2023 and 2024
  • Lafarge Africa earned ₦696.8 billion in revenue, the lowest revenue of the three cement majors

2024 was another positive year for Nigeria's listed cement companies as revenue surged above 50% for all companies. Dangote Cement maintained its position as the largest manufacturer as the only one with over a trillion naira in revenue.
BUA Cement's revenue growth was impressive at 90.5%, the highest of the three companies. While Lafarge Africa and BUA Cement posted impressive revenue growth, their combined revenues remain smaller than Dangote Cement's.

Source:

Annual reports of individual companies

Period:

2024
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