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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Nigeria’s manufacturing output ($25.4b) in 2024 crashed to 15-year low
  • Manufacturing hit a record $64.90b in 2022, after steady growth from 2016.
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VinFast’s EV deliveries leapt by nearly 300%, contrasting with declines from Tesla and Rivian
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Tesla experienced steady growth in automotive revenue over the past decade, but this trend reversed in 2024 with a 6.49% decline
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Over the past 10 years, Tesla has seen a continuous increase in EV deliveries, until a slight 1.11% decline in 2024
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  • Tesla’s highest annual deliveries occurred in 2023, with 1,808,581 vehicles delivered.
  • Of the total vehicles delivered in 2024, 1,704,093 were Model 3 and Model Y, while 85,133 were other models, including the Cybertruck.
  • The Cybertruck officially launched in late 2023, with production ramping up through 2024.
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Tesla sees a 9.23% decline in revenue while VinFast surges 149.81% between Q1 2024 and Q1 2025
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  • VinFast not only achieved a 300% increase in vehicle deliveries but also recorded the highest revenue growth, up 149.81% year-over-year.
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Cadbury Nigeria Plc’s total assets expanded by 152%, from ₦28.8 billion in 2019 to ₦72.4 billion in 2024
Key takeaways:
  • Cadbury Nigeria's total assets increased by 155%, from ₦28.4 billion in 2015 to ₦72.4 billion in 2024.
  • Assets remained relatively stable between 2015 and 2019, hovering around ₦28 billion.
  • Despite recent financial challenges, Cadbury Nigeria's asset base has more than doubled in the last decade.
  • Significant expansion began in 2020, with continued steady growth through 2024.
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