At a Glance
- Nigeria and Egypt dominate Africa’s listed cement valuations, capacity expansion and regional production leadership.
- Dangote Cement and BUA Cement anchor West Africa’s supply chains and infrastructure buildout.
- Logistics control, limestone access and pricing power define Africa’s most valuable cement firms.
Africa’s cement industry sits at the heart of the continent’s industrial and infrastructure ambitions.
From megacity housing and transport corridors to energy, ports, and industrial parks, cement demand continues to track Africa’s long-term urbanization and economic growth trajectory.
Despite cyclical pressures from energy costs, currency volatility, and uneven construction demand, listed cement producers remain some of Africa’s most strategically important industrial assets.
Nigeria and Egypt dominate the landscape, accounting for the bulk of Africa’s publicly traded cement valuations and production capacity.
Nigerian giants Dangote Cement and BUA Cement anchor West Africa’s supply chain, while Egypt’s dense cluster of producers reflects scale-driven competition in one of the continent’s largest construction markets.
Morocco, Kenya, Zambia, South Africa, and Zimbabwe add depth, regional reach, and cross-border exposure.
What separates Africa’s biggest cement firms is not just capacity, but control of logistics, access to limestone reserves, pricing power, and increasing investment in low-carbon production.
As governments push infrastructure spending and private developers expand across housing and industrial real estate, cement producers remain critical enablers of growth.
Together, these 15 listed firms profiled by Shore Africa represent the backbone of Africa’s cement economy, commanding billions in market value, shaping industrial policy, and laying the physical foundation for the continent’s next growth cycle.
1. Dangote Cement
Market Valuation: N10.7 trillion ($7.5 billion)
Country: Nigeria
Capacity: about 52 million tonnes per annum (Mta) across Africa
Africa’s cement powerhouse, with a 48.6 million tons per annum capacity, Dangote Cement dominates West Africa and beyond. Led by Aliko Dangote, it benefits from vertical integration, local raw materials, and strategic plant locations, making it a cornerstone of African infrastructure and industrial growth, with plans to expand to 61 Mta by 2026 and aiming for 66.4 Mta by 2030. Dangote Cement is currently the third most valuable stock on the NGX with a market capitalization of N10.7 trillion ($7.5 billion), which makes about 10.5% of the entire Nigerian Stock Exchange equity market.
2. LafargeHolcim Maroc
Market Valuation: MAD43.82 billion ($4.76 billion)
Country: Morocco
LafargeHolcim Maroc is Morocco’s leading cement producer and a strategic subsidiary of Holcim Group, with operations spanning cement, aggregates, and ready-mix concrete. The company plays a pivotal role in Morocco’s infrastructure and housing sectors, supplying major public and private projects nationwide. With strong industrial capacity, efficiency-led operations, and a growing focus on low-carbon construction solutions, LafargeHolcim Maroc commands a market valuation of MAD43.82 billion ($4.76 billion).
3. BUA Cement
Market Valuation: N6.2 trillion ($4.35 billion)
Country: Nigeria
Capacity: 17 million tons per annum
BUA Cement has grown through integrated plants in Nigeria, serving both industrial and residential markets. With aggressive expansion, BUA challenges Dangote’s dominance, leveraging efficiency, regional partnerships, and strategic pricing to capture market share. BUA Cement Plc is currently the fifth most valuable stock on the NGX with a market capitalization of NGN 6.2 trillion, which makes about 6.04 percent of the Nigerian Stock Exchange equity market.
4. Lafarge Africa
Market Valuation: N2.35 trillion ($1.65 billion)
Capacity: 10.5 million tons per year.
Lafarge Africa’s current installed cement production capacity in Nigeria is 10.5 million tonnes per annum (MTPA), spread across plants in Ewekoro, Sagamu, Mfamosing, and Ashaka, with plans for near-term growth, while also offering ready-mix concrete and aggregates. In 2025, Holcim divested its stake to Huaxin Cement, making Lafarge Africa part of Huaxin Cement’s broader African portfolio, which features around 18 MTPA across Sub-Saharan Africa. Lafarge Africa is currently the 13th most valuable stock on the NGX with a market capitalization of NGN 2.35 trillion ($1.65 billion), which is about 2.29 percent of the Nigerian Stock Exchange equity market.
5. Chilanga Cement
Market Capitalization: $779.94 million
Infrastructure growth fuels steady demand for cement, positioning Chilanga as a construction-sector bellwether. Chilanga Cement is currently the fifth most valuable stock on the LuSE with a market capitalization of ZMW16 billion ($779.94 million), which is about 4.83 percent of the Lusaka Securities Exchange equity market.
6. Arabian Cement Company
Market Valuation: EGP18.94 billion ($400.4 million)
Country: Egypt
Arabian Cement Company is among Egypt’s more efficient private-sector producers, backed by modern production lines and strong export optionality.
7. Misr Cement (Qena)
Market Valuation: EGP16.99 billion ($359.23 million)
Country: Egypt
Misr Cement (Qena) remains a core Upper Egypt producer with solid regional market penetration and consistent operating history. Its valuation signals steady investor confidence amid gradual recovery in cement demand.
8. Sinai Cement
Market Valuation: EGP16.17 billion ($341.9 million)
Country: Egypt
Sinai Cement is a strategically positioned producer serving Egypt’s eastern regions, with assets benefiting from proximity to major infrastructure and development corridors. The company’s valuation underscores renewed investor confidence driven by capacity utilization improvements and expectations of stronger public-sector construction demand.
9. Misr Beni Suef Cement
Market Valuation: EGP15.43 billion ($326.29 million)
Country: Egypt
Misr Beni Suef Cement operates one of Egypt’s largest cement plants, giving it scale advantages in production efficiency and cost absorption. Its valuation reflects strong asset backing and long-term relevance to Egypt’s infrastructure ambitions.
10. Bamburi Cement — East Africa’s Leading Produce
Market Valuation: $132.56 million
Country: Kenya
Bamburi Cement is Kenya’s largest cement manufacturer and one of the biggest in Eastern Africa, with a long industrial history dating back to the 1950s. Bamburi Cement Limited is currently the 21st most valuable stock on the NSE with a market capitalization of Ksh17.1 billion ($132.56 million), which is about 0.569 percent of the Nairobi Securities Exchange equity market.
11. South Valley Cement
Market Valuation: EGP4.65 billion ($98.41 million)
South Valley Cement is one of Egypt’s smaller publicly listed cement producers, operating in a highly competitive and oversupplied domestic market. Its valuation reflects constrained margins amid persistent price pressure, rising energy costs, and muted construction demand.
12. East African Portland Cement
Market Valuation: $48.23 million
Country: Kenya
East African Portland Cement Company, Kenya’s oldest cement manufacturer based in Athi River, is undergoing upgrades to expand its production capacity toward approximately 1 million tonnes per annum from a lower historical baseline of about 310,000 tonnes/yr, positioning it to better serve regional demand amid infrastructure growth. East African Portland Cement Co. Ltd is currently the 30th most valuable stock on the NSE with a market capitalization of Ksh6.23 billion ($48.23 million), which makes about 0.207 percent of the Nairobi Securities Exchange equity market.
13. ARM Cement
Market Valuation: $41.32 million
Country: Kenya
ARM Cement Limited is currently the 32nd most valuable stock on the NSE with a market capitalization of Ksh5.33 billion ($41.32 million), which makes about 0.177 percent of the Nairobi Securities Exchange equity market.
14. Pretoria Portland Cement (PPC)
Market Valuation: ZiG 1.95 million
Country: South Africa
Pretoria Portland Cement (PPC) Company Limited is the holding company for a group of companies that manufacture and distribute cement, lime and limestone products. A leading supplier of cement and related products in southern Africa, PPC produces over 11 million tonnes of cement products each year from its 11 factories in South Africa, Botswana, Congo D. R., Ethiopia, Rwanda, and Zimbabwe. Pretoria Portland Cement Limited is currently the 41st most valuable stock on the ZSE with a market capitalization of ZiG 1.95 million, which makes about 0.002 percent of the Zimbabwe Stock Exchange equity market.
15. Khayah Cement Ltd
Market Valuation: ZiG4.6 million
Country: Zimbabwe
Khayah Cement Ltd is currently the 40th most valuable stock on the ZSE with a market capitalization of ZiG 4.6 million, which is about 0.0047% of the Zimbabwe Stock Exchange equity market.
