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.

Published

1 year ago

March 17, 2025

OCHEFA

582 Views

▪︎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.

Related Topics:Featured Nigeria’s Cement Industry

Up Next

Dangote Petrochemical will soon launch its polypropylene

Don't Miss

MTN Nigeria moving headquarters to Eko Atlantic

Click to comment

Business

Cardoso Urges Banks To Lend Out Idle Funds With CBN * Retains MPR at 26.5%

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

Published

4 hours ago

July 21, 2026

OCHEFA

16 Views

The Central Bank of Nigeria (CBN) Governor, Olayemi Cardoso , urged banks from keeping idle funds with the apex bank and encouraging increased lending into the economy.

Cardoso made the call on Tuesday after the 306th Monetary Policy Committee (MPC) meeting held in Abuja from July 20 to July 21.

The apex bank retained the Monetary Policy Rate (MPR), also known as benchmark interest rate, at 26. 5 percent.

This decision marks the second consecutive retention of the MPR at 26.5 per cent, following a 50-basis-point reduction in February from 27 per cent.

“The committee’s decision to maintain the current policy stand follows a thorough assessment of the balance of risk,” said Cardoso.

He emphasised that although headline inflation moderated marginally in June 2026, global uncertainties have heightened due mainly to the renewed hostilities in the Middle East.

The MPC also adjusted the asymmetric facilities corridor around the MPR to +50/-450 basis points—a move aimed at discouraging banks from keeping idle fund with CBN.

Furthermore, the committee maintained the Cash Reserve Ratio (CRR) for commercial banks at 45 per cent, retained the rate for merchant banks at 16 per cent, and kept the CRR on non-TSA public-sector deposits at 75 per cent for liquidity management considerations.

Cardoso said despite the global uncertainties, the Nigerian economy has “remained largely resilient to the external shocks”.

Business

CBN admits it opened domiciliary accounts for PFIPC agency

Represented by the Director of its Banking Services Department, Hamisu Ibrahim, the CBN said that the accounts are one in US dollars, the other in British pounds sterling, were opened following a mandate received from the Office of the Accountant-General of the Federation.

Published

13 hours ago

July 21, 2026

OCHEFA

20 Views

File photo : PFIPC agency DG, Adeniyi Adeyemi

The Central Bank of Nigeria had admitted that it opened two foreign-currency domiciliary accounts for the controversial Presidential Foreign Investment Promotion Council (PFIPC).

The apex bank made the confirmation, yesterday, during the public hearing convened at the National Assembly Complex by the House of Representatives Ad-hoc Committee investigating the existence and operations of the PFIPC, chaired by Yusuf Gagdi and inaugurated by Speaker Tajudeen Abbas.

He explained that on July 30, 2025, CBN received a mandate dated July 29, 2025 from the Office of the Accountant-General.

“We received the mandate to authorise two accounts, one a US dollar domiciliary account, the other a pound domiciliary account, for the Presidential Economic Advisory Council/Presidential Foreign Investment Promotion Council,” Ibrahim told the committee.

He explained the CBN’s verification process, “The process of opening an account requires a mandate from the Office of the Accountant-General of the Federation.

“Once we receive that mandate, we perform all the necessary verifications to confirm that this mandate is actually coming from that office.

The department that handles the mandate is different from the department that actually does the account opening,” he said.

Nevertheless, he noted that no one came to activate the accounts after they were opened.“We did not receive any correspondence, mandate, signature or mandate cards. We were not introduced to the authorising or approving officers.“Based on that, those accounts remain inactive, with zero balance. There have been no foreign exchange allocations.