Nigeria’s cement sector closed 2025 as one of the strongest performers on the Nigerian Exchange, buoyed by sustained investor interest in industrial stocks despite economic headwinds.
Market data from the Nigerian Exchange Group (NGX) showed that the combined market capitalisation of the country’s three listed cement manufacturers—Dangote Cement Plc, BUA Cement Plc and Lafarge Africa Plc—rose sharply to ₦20.97 trillion by the end of December 2025. This marked an increase of about ₦8.54 trillion from the ₦12.43 trillion recorded at the beginning of the year.
The nearly 69 per cent growth in value positioned cement stocks among the leading drivers of the stock market’s historic rally in 2025, a year defined by high inflation, exchange rate volatility and lingering security concerns.
The strong performance unfolded alongside a broader equities market surge, as Nigerian stocks delivered an estimated ₦36.62 trillion in capital gains over the year. Despite macroeconomic pressures, investors maintained strong appetite for equities, particularly large-cap stocks seen as resilient to inflation and currency risks.
Figures from NGX showed that the benchmark All-Share Index advanced by over 51 per cent year-to-date, closing 2025 at a record high of 155,613.03 points. Market capitalisation also expanded significantly, climbing from ₦62.76 trillion at the start of the year to ₦99.38 trillion by year-end.
Within the cement segment, BUA Cement Plc emerged as the biggest gainer. The company added an estimated ₦5.38 trillion to its market value during the year, closing trading at ₦2,270 per share with a market capitalisation of about ₦8.53 trillion. This represented a sharp re-rating from its opening valuation of ₦3.15 trillion in January.
Dangote Cement Plc also recorded notable gains, increasing its market capitalisation by approximately ₦2.12 trillion in 2025. The stock closed the year at ₦609 per share, lifting its market value to ₦10.28 trillion, compared with ₦8.16 trillion at the start of the year.
Lafarge Africa Plc rounded off the sector’s strong showing, with its share price rising to ₦134.50 by the end of 2025. The company’s market capitalisation grew to about ₦2.17 trillion, up from ₦1.13 trillion at the beginning of the year.
Market analysts attributed the rally in cement stocks to a combination of policy reforms, improved market confidence and optimism around infrastructure development. The industrial goods sector, they noted, continues to benefit from expectations of sustained demand linked to construction, housing and public infrastructure projects.
Speaking on the broader market performance, the Group Managing Director and Chief Executive Officer of NGX Group, Temi Popoola, said the 2025 outcome highlighted the Nigerian capital market’s resilience in the face of domestic and global challenges. He stressed that policy consistency, reforms and collaboration across the market ecosystem played a key role in sustaining investor confidence.
Popoola added that continued investment in technology and market infrastructure improved access, transparency and efficiency, positioning the exchange for deeper growth in 2026.
Market operators also pointed to strong corporate earnings and rising domestic participation as key support factors. According to analysts, local investors increasingly drove market activity, helping to stabilise prices and reduce volatility amid global uncertainties.
Despite persistent inflationary pressures, market watchers said the cement sector’s performance reflects renewed confidence in Nigeria’s long-term economic prospects. They added that sustained earnings resilience and infrastructure-led growth expectations continue to make industrial stocks attractive to investors.
As Nigeria heads into 2026, analysts believe cement and other industrial stocks could remain central to market performance, particularly if economic reforms, infrastructure investment and domestic investor participation continue to gain traction.
