Business
Nigeria’s Cement Industry Output to Hit 78Mt/yr with New Entrants Adding 13Mt/yr
Currently, the Nigerian cement market is led by major players including Dangote Cement, Lafarge Africa, and BUA Cement, which collectively produce 60 Mt/yr.
▪︎Aliko Dangote, the largest cement producer in the domestic market.
Nigeria’s cement industry is set to increase its output to 78 million metric tonnes per annum (Mt/yr) with the entry of two new players.
Ohibaba.com exclusively reports that MSM Cement and Resident Cement are poised to add a combined capacity of 13 Mt/yr, with MSM Cement planning a 3 Mt/yr plant in Kebbi State and Resident Cement developing a larger 10 Mt/yr facility in Bauchi State.
The Kebbi project marks a new initiative, supported by a memorandum of understanding (MOU) valued at US$2.4 billion between the state government and MSM Cement.
The Chairman of MSM Group, Alhaji Muazzam Mairawani, indicated that the plant will be built in four phases, each costing US$600 million, with the first phase expected to commence production by early 2027.
Originally established in the fertilizer sector, MSM Group has diversified into oil and gas, shipping, and agriculture. In contrast, the Bauchi project is already further advanced, with an MOU worth US$1.5 billion signed in mid-2024.
It also includes plans for a 100MW power plant, a dam, and various amenities to benefit the local community.
The state reportedly holds a 10 percent stake in the project, which is partly backed by Sinoma Nigeria Company.
Currently, the Nigerian cement market is led by major players including Dangote Cement, Lafarge Africa, and BUA Cement, which collectively produce 60 Mt/yr.
Dangote Cement, the largest producer, has a capacity of 35.25 Mt/yr across its four plants, while BUA Cement has recently expanded to reach 20 Mt/yr.
Lafarge Africa adds another 10.5 Mt/yr to the total production capacity in the country. With the newcomers, Nigeria’s total cement capacity is expected to exceed 78 Mt/yr, solidifying its position in the industry.
Business
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
TIME magazine has named Felix Ike, co-founder and Chief Technology Officer of Nigerian fintech Moniepoint, to its inaugural Executives of the Year: Tech and Data list.
Ike is the only executive representing an African company among the 50 leaders selected for the 2026 list.
The list, unveiled on Tuesday, September 22, recognises chief information officers, chief technology officers, chief data officers and chief product officers whose decisions are shaping how major organisations deploy technology and use data.
Moniepoint is also the only African company represented on the inaugural list.
Ike was named alongside executives from Netflix, CrowdStrike, Dell, Duolingo, AT&T, OpenAI, Anthropic, Shopify and Reddit, among others.
In its citation, TIME said Ike “has helped to establish the business as one of Africa’s leading financial platforms.
“The recognition follows Moniepoint’s inclusion in TIME’s 2025 list of the 100 Most Influential Companies, giving the Lagos-founded fintech another global distinction.
Black Market Rates
₦1382DOLLAR (USD)
₦1855POUND (GBP)
₦1545EURO (EUR)
1000 DOLLAR (CAD)
₦70 RAND (ZAR)
370DIRHAM (AED)
190YUAN (CNY)
₦100G.CEDI (GHS)
₦2350 CFA F.(XOF)
₦2250 CFA F.(XAF)
₦850 AUSSIE (AUD)
Official CBN Exchange Rates
DOLLAR (USD)₦1328.67
POUND (GBP)₦1758.36
EURO (EUR)₦1511.63
SWISS FRANC (CHF)₦1605.45
JAPANESE YEN (JPN)₦8.38
CFA FRANC (XOF)₦2.31
WEST AFRICAN UNIT OF ACCOUNT (WAUA)₦1808.03
CHINESE YUAN (CNY)₦197.92
SAUDI RIYAL (SAR)₦353.86
SOUTH AFRICAN RAND (ZAR)₦81.09
Business
Djibouti, Ethiopia and Dangote to build $660 million petroleum pipeline
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
Ethiopia, Djibouti and Nigerian billionaire Aliko Dangote plan to build a $660 million refined petroleum pipeline that will connect Ethiopia and Djibouti, a spokesperson in Ethiopian Prime Minister Abiy Ahmed’s office said on Thursday.
The project will include a 120-km (75-mile) pipeline, as well as approximately 375,000 cubic metres of storage capacity at Damerjog in Djibouti and 800,000 cubic metres at Dewele in Ethiopia, the spokesperson told Reuters, adding it should become operational within 18 months.
Abiy said on his X account the project will be developed through a partnership between Ethiopian Investment Holdings and the Dangote Group, which separately is already building a $4 billion fertiliser pipeline and power plant, and a polypropylene packaging facility, in Ethiopia.
The project aims to reduce logistics costs and delays along the Ethiopia-Djibouti transport corridor, Abiy said.
Developers say the infrastructure will strengthen energy security and improve supply chain resilience for the two countries, he said.
Abiy is on a visit to Djibouti and made the announcement alongside its president, Ismail Omar Guelleh, and Dangote.
In Kenya, Dangote and the government are due to break ground on a new 700,000-barrel-per-day crude oil refinery in Lamu next week.
Congo military plane crash kills 13, including three officers
Manchester City Faces Expulsion For Breaching 114 EPL Financial Rules
TIME Names Moniepoint CTO Felix Ike Among 50 Global Executives of the Year
Tech Expert, Zuckerberg trains with UFC champions, Adesanya, Alexander
Organ Trafficking: Ekweremadu bags 10 years in UK prison
SAINT OBI: Between his marriage and his death
-
Business3 days agoFG Engages Stakeholders On Nigeria’s Rice Value Chain
-
Business3 days agoNaira To Dollar, Pound , Euro Rate Wednesday September 23
-
Business3 days agoAirtel Money Targets October Listing On London Stock Exchange
-
Business2 days agoMAN Urges CBN To Consider CRR Cut Next Phase of Monetary Easing
-
Business3 days agoCardoso Says Multiple FX Windows Cost Nigeria 3% of GDP, Higher Than Fuel Subsidy
-
Crime2 days agoJUST IN: Zamfara LG Chairman Freed After 61 Days in Captivity
-
News2 days agoVP Shettima, Gov Mbah to address Over 500 editors on 2027 election issues
-
Sports2 days agoFIFA names Nigerian referee among 81 officials for U-17 World Cup