Dangote Cement Sells 64% of Production Volume to Nigerians
With a profit margin of more than 60%, Dangote Cement Plc sold 64% of its production volume in Nigeria despite its growing footprint in other African markets.
With a high volume concentration, the company’s cement price remained elevated compared with other African nations with much more open markets.
The oligopolistic market structure favours Nigeria’s cement oligarchy, making it easy to pass costs on to consumers despite sourcing raw materials locally.
According to channel checks, the average price of Dangote Cement ranges from N12,000 to N13,000, depending on location.
Dangote Cement’s sales volume was 27.5 million tons (mt) in 2025. Nigeria accounts for 64% of volumes sold, according to Moody’s Ratings in its latest update on the company.
Meanwhile, the domestic market accounted for 89% of the cement company’s earnings before interest, tax, depreciation and amortisation (EBITDA) in the same period.
Dangote Cement Plc’s ratings, including its B3 corporate family rating (CFR), A3.ng long-term national-scale rating, and B3 instrument ratings, all with stable outlooks, remain unchanged, Moody’s said following completion of a periodic review.
Moody’s explained that the ratings reflect Dangote Cement’s strong market presence in Nigeria and other African markets in which it operates, as well as its high profitability metrics, supported by a low-cost structure, vertical integration, and largely market-protected production.
