Prime Business Africa
The value of the cement companies listed on the Nigerian Exchange (NGX), also known as the stock market, increased by N9.78 trillion in the first quarter (Q1) of 2026, according to Prime Business Africa’s (PBA) analysis.
During trading in the first quarter, PBA gathered that the combined value of the three cement companies; Dangote Cement, BUA Cement, and Lafarge Africa, on the NGX increased to N28.27 trillion on March 31, surpassing the N18.48 trillion they were valued on January 2.
Join our WhatsApp ChannelAccording to analysis of their stock performances, BUA Cement was the major driver of the growth in the industry’s valuation in the bourse, followed by Lafarge Africa and Dangote Cement.
Cement Producers With Highest Increase In Company Value
BUA Cement
BUA Cement recorded the highest increase in market valuation among its industry peers, after the company’s capitalisation surged by 83.02 percent between January and March this year.
- The surge, which represents N5.01 trillion increase, occurred after a bullish run by BUA Cement’s share price, which soared to N326.70 kobo at the end of the period under review, above the N178.50 kobo it traded at the start.
- After the share price skyrocketed by N148.2 kobo, BUA Cement’s valuation in the Nigerian stock market increased to N11.06 trillion at the end of the first quarter, rising from the N6.04 trillion recorded on January 2.
- Analysis showed that BUA Cement closed the period under review as the second most valuable cement producer with its market capitalisation of N11.06 trillion.
Lafarge Africa
Lafarge Africa was the second on the list following a 63.49 percent surge in its market valuation, which was driven by a N85.4 kobo increase in its share price during the period under review.
- Prime Business Africa’s analysis showed that equity traders in the Nigerian bourse were willing to exchange N219.90 kobo for a share of Lafarge Africa, compared to the N134.50 kobo the share traded on January 2.
- Due to a surge in investors’ confidence towards Lafarge Africa’s shares, the company’s market valuation skyrocketed to N3.54 trillion on March 31, from the N2.16 trillion recorded on January 2, representing an increase of N1.37 trillion.
- With a market capitalisation of N3.54 trillion, Lafarge Africa ended the first quarter as the third most valuable cement manufacturer in Nigeria, according to Prime Business Africa’s analysis.
Dangote Cement
Dangote Cement recorded the least growth in its market valuation, which appreciated by 33 percent, according to Prime Business Africa’s analysis, following a N201 increase in its share price within Q1.
- PBA gathered that Dangote Cement’s share price had increased from N609 at the start of the first quarter to N810 per share at the end of the period under review, leading to an increase of N3.39 trillion in the value of the company.
- As a result, Dangote Cement’s valuation in the stock market increased from N10.27 trillion at the start of this year to N13.66 trillion at the end of the first quarter, making the company the most valuable cement producer in Nigeria.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
