Outrage Grows as Dangote Cement’s Nigeria Margins Hit 59% Amid ₦11,000 Cement Prices

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Dangote Cement is facing mounting backlash after new financial results revealed exceptionally high profit margins in its Nigeria operations, intensifying public debate over cement prices, market dominance, and consumer protection.

For the nine months ended September 2025, Dangote Cement’s Nigeria revenue jumped by 42 percent to ₦2.18 trillion, even as sales volumes increased by just 0.4 percent. The imbalance between revenue growth and volume expansion pushed EBITDA margins to a striking 59.2 percent, up from 45.5 percent in the same period last year.

The figures have sparked criticism from analysts and consumers who argue that the earnings surge is driven largely by price increases rather than demand.

Cement prices across Nigeria have climbed to between ₦9,500 and ₦11,000 per 50kg bag, raising construction costs and worsening housing affordability at a time of economic strain.

Critics have also drawn attention to the contrast between Dangote Cement’s strong Nigeria performance and its weaker Pan-African results, suggesting that domestic pricing power—rather than operational efficiency—is driving profits.

The debate is further fueled by the company’s estimated 60 percent market share in Nigeria’s cement industry, where imports are banned, limiting competition.

In response, Dangote Group President Aliko Dangote has blamed multiple domestic taxes, levies, and regulatory costs for the high prices, arguing that these charges significantly inflate production and distribution expenses.

The controversy has now spilled into broader economic discussions, with growing fears that similar pricing dynamics could emerge at Dangote’s massive new refinery.

As Nigeria pursues fuel self-sufficiency, many consumers worry that dominant local producers may translate scale into higher prices rather than affordability.

And as public scrutiny intensifies, the Dangote Cement margin debate has become a focal point in Nigeria’s wider conversation on competition, regulation, and the balance between industrial growth and consumer welfare.