HBM Nigeria Plc, formerly Lafarge Africa Plc, has reported a strong financial performance for the first half of 2026, recording a 31% increase in revenue and a 57% rise in profit after tax (PAT). The company attributed the growth to higher cement sales volumes, improved operational efficiency, and stronger distribution performance amid sustained demand for building materials.

According to the company’s unaudited financial results for the six months ended June 30, 2026, net sales rose to ₦678.4 billion, up from ₦517.0 billion in the corresponding period of 2025. Profit after tax climbed to ₦208.3 billion, while operating profit increased by 51% to approximately ₦291 billion, reflecting improved cost management and operational excellence.

HBM Nigeria said revenue growth was supported by an 11% increase in sales volume, enhanced plant stability, improved logistics, and continued demand from infrastructure and construction projects across the country. The company also recorded stronger operating margins, which rose from 37% in H1 2025 to 43% in H1 2026, highlighting gains in production efficiency and disciplined cost control.

The company noted that its cement business remained the primary revenue driver, accounting for the vast majority of total sales during the period. It added that strategic investments in operational improvements and distribution efficiency continue to strengthen its competitive position within Nigeria’s building materials industry.

Looking ahead, HBM Nigeria said it remains focused on expanding production capacity, maintaining operational excellence, and creating long-term value for shareholders. The company is also progressing plans for a new three-million-tonne integrated cement production line in Calabar, a project expected to strengthen domestic cement supply and support Nigeria’s growing infrastructure and housing sectors.

Industry analysts say HBM Nigeria’s strong half-year performance reflects continued resilience in the construction materials market despite broader economic challenges. They note that sustained investment in cement production and operational efficiency will remain critical to meeting rising demand from housing, commercial real estate, and infrastructure development across Nigeria.

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The Industrial Training Fund has partnered with the Cement Technology Institute of Nigeria to train and upskill 100,000 artisans across Nigeria’s construction sector.

The nationwide programme, which will be implemented in phases, is designed to equip artisans with practical skills in masonry, carpentry and joinery, tiling, electrical installation, Plaster of Paris (PoP), and plumbing.

According to a statement by the ITF’s Head of Press and Public Relations, Thomas Ngor, the initiative will be officially launched on April 21, 2026, at Eko Hotels and Suites.

The event is expected to attract key stakeholders from government and the private sector, including the Minister of Industry, Trade and Investment, Jumoke Oduwole, and the Minister of State for Industry, John Owan Enoh.

Top industry players billed to attend include Aliko Dangote, who also serves as President of CTIN, Abdulsamad Rabiu, and the Group Managing Director of Lafarge Africa, Lolu Alade-Akinyemi.

Speaking ahead of the launch, the Director-General of ITF, Afiz Ogun, described the partnership as a strategic intervention to bridge the skills gap in Nigeria’s construction industry.

He noted that the initiative comes at a critical time when cases of building collapse continue to raise concerns nationwide, often linked to poor workmanship, inadequate training, and substandard construction practices.

According to him, the collaboration between ITF and CTIN will help address these challenges by equipping artisans with industry-relevant technical skills and promoting adherence to standard construction practices.

The programme will also strengthen the ITF’s Skill-Up Artisans (SUPA) initiative by introducing enhanced training modules, exposure to modern construction techniques, and access to best practices in cement application and structural integrity.

Ogun added that the initiative would improve employability and earning potential for artisans, while also increasing their credibility within the construction value chain.

He further explained that participants would benefit from certification and continuous professional development, ensuring they remain competitive in an evolving industry.

Industry stakeholders believe the programme could significantly improve construction standards, reduce building failures, and boost confidence in Nigeria’s real estate sector.

The ITF maintained that the partnership aligns with its broader mandate to drive skills development, enhance productivity, and support national economic growth.

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Nigeria’s housing sector is facing growing pressure as rising cement prices continue to drive up construction costs, prompting developers and housing experts to call for urgent government intervention.

Cement prices jump above ₦15,000

Speaking during a joint press conference in Lagos, REDAN President said the price of a 50kg bag of cement has increased sharply within a few months.

According to him, cement sold for about ₦7,500 in late 2025, rose to between ₦9,000 and ₦10,000 at the beginning of 2026, and has now climbed to ₦11,500–₦15,000 in several parts of Nigeria.

Adeoye noted that cement is a major component of construction costs, warning that the sudden spike is already affecting housing development projects nationwide.

“When the price of cement rises significantly, the entire cost structure of housing development is affected,” he said.

Developers slowing projects

The rising cost of cement, iron rods, sand, and other construction materials has placed many developers under severe financial pressure.

According to REDAN, some developers are now scaling down projects, delaying construction timelines, or abandoning housing developments altogether.

Adeoye warned that the situation could worsen Nigeria’s already massive housing shortage and make homeownership even more difficult for millions of citizens.

He also raised concerns that high construction costs could push some builders to use substandard materials, potentially compromising building safety.

Construction sector under pressure

Also speaking, , founder of the housing centre at the University of Lagos, noted that the construction sector remains a major driver of economic growth and employment in Nigeria.

He revealed that cement prices have risen by more than 30 percent in recent months, while steel prices have increased by about 20 percent, and sharp sand costs have climbed by nearly 25 percent.

According to Nubi, the increases are driven by a combination of global market pressures, logistics challenges, and rising local demand.

Rising rents across major cities

The rising cost of construction is already affecting housing prices and rental markets across the country.

Nubi said annual rent for a self-contained apartment in Lagos and Abuja has increased significantly, rising from about ₦400,000 previously to between ₦800,000 and ₦1.5 million in many locations.

Similar trends are emerging in other cities such as Kano and Port Harcourt.

Experts warn that if the trend continues, housing affordability could deteriorate further in urban areas.

Calls for government action

REDAN urged the Federal Government and the Federal Ministry of Housing and Urban Development to engage cement manufacturers and stakeholders in the construction materials value chain to stabilise prices.

The organisations also recommended policies that would:

• Support local production of building materials
• Improve logistics and supply chains
• Promote transparency in the construction materials market

In addition, researchers called for increased investment in alternative building materials and innovative construction technologies that could reduce reliance on conventional materials like cement.

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The Nigerian Institute of Quantity Surveyors (NIQS) has emphasized the need for enhanced advocacy and strategic collaboration among stakeholders to promote a more efficient, resilient, and sustainable built environment in Nigeria.

Aminu Bashir, President of NIQS, made the call during the institute’s 6th National Executive Council and Chapter Chairmen Retreat in Abuja, themed “From Intention to Structure, From Structure to Delivery.” He noted that the retreat forms part of NIQS’s broader commitment to strengthening professionalism, institutional capacity, and leadership effectiveness.

Bashir stressed that visionary and purposeful leadership is essential for advancing both the institute and the quantity surveying profession. The retreat aimed to equip newly elected council members with strategic skills to effectively deliver on the institute’s mandate.

Delivering the keynote address, former Executive Secretary of the Nigeria Extractive Industries Transparency Initiative (NEITI), Waziri Adio, urged NIQS to embrace data-driven decision-making. Speaking on “Leadership and Relevance in the Data Age,” Adio highlighted that professional bodies must leverage data and evidence to set priorities, shape policies, and engage stakeholders.

“Data is power—it is the new gold. Relying solely on instinct, authority, or experience is no longer sufficient for effective leadership,” Adio said. He recommended the adoption of Data-Driven Decision-Making (DDDM) to validate decisions and enhance organisational credibility.

Drawing from his NEITI experience, Adio cited how empirical data analysis contributed to legislative reforms and informed policy debates, including VAT revenue sharing. He urged NIQS to commission regular studies to strengthen its authority, thought leadership, and impact within the construction and built environment sector.

Adio also highlighted the importance of prioritization, advising the NIQS leadership to focus on a “signature intervention” that defines its legacy. Inclusive consultation with members and stakeholders, he noted, builds trust, ownership, and long-term sustainability.

He cautioned against misusing data, emphasizing ethical standards, robust methodology, and quality information. “Good data enhances credibility; dodgy data undermines it,” he said. He encouraged NIQS to invest in data literacy and cultivate a culture of evidence-based decision-making to maintain relevance and effectiveness in Nigeria’s construction industry.

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