Nigeria's three largest cement producers delivered their most profitable opening quarter on record in 2026, posting a combined N762.97 billion 554 million at N1,375 to the dollar in pre-tax profit for the three months ended March 31, a 57 percent jump on the N484.83 billion they reported in the same period a year earlier.
The result was driven by a combination of elevated cement prices, recovering volumes and falling finance costs, even as energy expenses rose and the sector braced for fresh cost pressures linked to higher global crude prices. A 50-kilogram bag of cement in Nigeria now costs between N12,500 and N14,000 depending on location, up from around N9,800 in December 2025, as infrastructure spending picked up and domestic demand strengthened.
Dangote Cement, Africa's largest cement producer by installed capacity, led the field. The company posted Q1 2026 net profit of N321.1 billion 233.5 million, a 54 percent jump on the N209.25 billion it earned in Q1 2025. Revenue rose 20 percent to N1.198 trillion 871 million from N994.66 billion a year earlier, with gross profit climbing to N749.3 billion from N587.3 billion. It was the most profitable opening quarter in the company's history, extending a landmark 2025 full year in which Dangote Cement crossed the one-trillion-naira net profit threshold for the first time.
