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Economy

Local Demand for Dangote Cement Soars 26.1% in Three Months

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Dangote Cement environmental disclosures

***As Clinker, Cement Exports Rise 87.2%

By Aduragbemi Omiyale

Despite the significant hike in the prices of cement brands in Nigeria between January and March 2024, the local demand for Dangote Cement increased by 26.1 per cent to 4.6Mt and the overall group volume rose by 12.3 per cent to 7.0Mt, ostensibly due to the confidence consumers have in the product.

Also, in the period under review, the firm increased its clinker and cement exports by 87.2 per cent to 264kt, thanks to the strategy of the management of Dangote Cement Plc to intensify its export business.

In a statement in reaction to its financial statements for the first three months of this year, the cement maker stated that it dispatched seven ships of clinker from Nigeria to Ghana and Cameroon.

“Driven by an uptick in economic activities, our Nigerian operations witnessed a strong rebound, with volumes up 26.1 per cent to 4.6Mt in the quarter.

“Similarly, our pan-Africa operations continued an upward trajectory, with volumes up 3.1 per cent to 2.7Mt, buoyed by increased sales in Zambia and Congo.

“Despite elevated cost pressures, increased borrowing costs, and a further currency weakening, our first-quarter results reflect our commitment to navigating challenges effectively,” the chief executive of Dangote Cement, Mr Arvind Pathak, stated.

“During the quarter, we intensified our emphasis on exports, dispatching seven ships from Nigeria to Ghana and Cameroon.

“As a result, our Nigerian exports surged by 87.2 per cent, reflecting our commitment to expanding our presence in regional markets and capitalising on our export-to-import strategy.

“We continue to prioritise innovation, cleaner energy transition, and cost leadership towards achieving our vision of transforming Africa and building a sustainable future,” he added.

Business Post reports that in the first quarter of this year, the organisation recorded revenue of N817.4 billion, as profit after tax inched up by 2.9 per cent to N112.7 billion, with earnings per share closed the quarter at N6.68 representing an increase of 3.7 per cent.

As part of its sustainability programme, Dangote Cement commissioned 10 of the 17 Alternative Fuel Projects across the group.

Mr Pathak added that, “Group revenue more than doubled to N817.4 billion, while Group EBITDA rose 66.6 per cent to N309.5 billion. Profit After Tax was up 2.9 per cent at N112.7 billion.

“These results underscore our ability to adapt and thrive in a dynamic business environment while delivering value to our stakeholders.

Dangote Cement is Africa’s leading cement producer with 52.0Mta capacity across Africa. A fully integrated quarry-to-customer producer, Dangote Cement has a production capacity of 35.25Mta in Nigeria.

Obajana plant in Kogi state, Nigeria, is the largest in Africa with 16.25Mta of capacity across five lines;  Ibese plant in Ogun State has four cement lines with a combined installed capacity of 12Mta; Gboko plant in Benue state has 4Mta; and  Okpella plant in Edo state has 3Mta.

Through recent investments, Dangote Cement has eliminated Nigeria’s dependence on imported cement and has transformed the nation into an exporter of cement serving neighbouring countries.

In addition, the company has operations in Cameroon (1.5Mta clinker grinding), Congo (1.5Mta), Ghana (2.0Mta clinker grinding and import), Ethiopia (2.5Mta), Senegal (1.5Mta), Sierra Leone (0.5Mta import), South Africa (2.8Mta), Tanzania (3.0Mta), Zambia (1.5Mta).

Economy

Nigeria’s Inflation Slows to 23.71% in April 2025

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Nigeria's inflation

By Adedapo Adesanya

Strengthens case for MPC to cut or pause interest rates next week

Nigeria’s headline inflation rate eased to 23.71 per cent in April 2025, reflecting a 0.52 percentage point decline from the 24.23 per cent recorded in March.

This was disclosed in the latest Consumer Price Index (CPI) Report released by the National Bureau of Statistics (NBS) on Thursday.

The report also showed a decline in the food inflation index by 0.53 per cent to 21.26 percent in April from 21.79 per cent in March.

The decrease was attributed to the reduction in the prices of staple food items, including maize (corn) flour, wheat grain, dried okro, yam flour, soya beans, rice, bambara beans, and brown beans.

According to the NBS: “The Consumer Price Index (CPI) rose to 119.52 in April 2025, reflecting a 2.18-point increase from the preceding month.”

“On a year-on-year basis, the headline inflation rate was 9.99% lower than the rate recorded in April 2024 (33.69 per cent). This indicates a significant decrease compared to the same month in the preceding year, though with a different base year of November 2009 = 100,” it added.

The report further noted that the food inflation rate on a year-on-year basis stood at 21.26 per cent in April 2025, marking a 19.27 per cent reduction from the 40.53 per cent achieved in April 2024. The NBS attributed this sharp decline to a change in the base year used for calculations.

On a month-on-month basis, food inflation was recorded at 2.06 per cent in April 2025, a slight drop of 0.12 per cent from 2.18 per cent in March 2025.

“The decrease can be attributed to the reduction in the average prices of key food items like Maize Flour, Wheat Grain, Okro Dried, Yam Flour, Soya Beans, Rice, Bambara Beans, and Brown Beans,” the report added.

The development increases the chances of the Central Bank of Nigeria (CBN) to cut or pause interest rate at its next Monetary Policy Committee (MPC) meeting on May 20.

The MPC of the apex bank has only four months of data to guide its decision after the NBS overhauled the consumer price index for the first time in 16 years in January and changed the base year to 2024.

Business Post reports that at the last meeting, the CBN paused the key interest rate at 27.50 per cent.

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Economy

Mamuda Group Plans $50m Investment in Ogun, to Employ 3,000

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Mamuda Beverages

By Modupe Gbadeyanka

A Kano-based company, Mamuda Group Nigeria Limited, is planning to build a factory in Ogun State worth $50 million.

The firm has tentacles in the food, personal care, and agro-processing sectors through its subsidiary, Mamuda Beverages.

Already, the company has acquired an expanse of land for its plant in Ogun State, with the foundation laying scheduled for next month, according to the Governor of Ogun State, Mr Dapo Abiodun, who said this is part of ongo​​ing efforts to make the state a top destination for industrial growth in Nigeria.

“We are pleased that our administration’s commitment to creating a business-friendly environment is attracting major investors,” he stated, noting that, “Our open-door policy and investor support structures continue to set us apart.”

Business Post learned that Mamuda Group chose the South-West state for its new factory because of its strategic location, bordering Lagos and connecting to Ibadan and Benin, making it ideal for regional distribution and production.

The organization currently employs over 13,000 people across sectors such as leather exports, agro-sack production, confectionery, soft drinks, and personal care.

With this new development in Ogun State, the company plans to begin with 1,500 employees, growing to 3,000 as operations expand, aligning with the state government’s goal of creating quality jobs and strengthening the state’s manufacturing base.

Governor Abiodun said to further support growth, his administration has developed key infrastructure like Nigeria’s best-equipped airport and a licensed dry port linked to the rail line.

According to him, these facilities will streamline importation and logistics, cutting delays and costs, noting that with tools like the Business Environment Council, the state government is not only attracting investment, but building lasting confidence in Ogun State’s economic future.

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Economy

Moniepoint, PalmPay, Four Others Make Financial Times High Growth List

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MoniePoint

By Adedapo Adesanya

Six Nigerian startups have been recognised on the Financial Times’ 2024 ranking of Africa’s Fastest-Growing Companies, which features 130 high-growth firms across the African continent.

The companies are Moniepoint, OmniRetail, PalmPay, Termii, Remedial Health, and Paga.

The annual ranking published by the newspaper, produced in partnership with research company, Statista, identifies African companies with the most rapid revenue growth between 2020 and 2023.

The list benchmarks companies by compound annual growth rate (CAGR) in revenues, while also considering headcount expansion and operational resilience amid inflation, currency fluctuations, and economic headwinds across the continent.

This is a welcome development compared to 2023 when five startups namely Omniretail, Moniepoint, Thrive Agric Limited, Paga, and Zone were named on the 100-company list.

While Thrive Agric and Zone didn’t make the list; PalmPay, Termii, and Remedial Health have ascended.

This ranking serves as a boost to investors that these companies are on the right part and could help in fundraising and access to new markets.

This also comes at a period where startups on the continent are facing declining funding compounded by global uncertainties including inflation and recession fears.

This silver lining may yet serve as a catalyst to reverse the trend and make Nigeria yet again see boon when it comes to venture funding.

Business Post reports that Nigeria raised $100 million (24 per cent) out of the $460 million through deals of $100K or more (excluding exits) in Africa in the first quarter of 2025, a figure that reflects a 5 per cent dip from Q1 2024’s $486 million.

About the Companies

Moniepoint

The startup formerly known as TeamApt has had a standout year. Moniepoint recently hit unicorn status after raising $110 million from Google, VISA, and other global investors. Now operating as Moniepoint Inc., the company has grown from a B2B payments platform to a full-fledged business bank, with services spanning merchant terminals, working capital, and payroll solutions.

PalmPay

Launched in 2019 with backing from China’s Transsion Holdings, PalmPay has become a household name in Nigeria’s consumer payments space. With over 30 million registered users and aggressive offline and digital campaigns, PalmPay’s mobile wallet and bill payment services have seen exponential growth. Earlier this year, the company expanded into Ghana and introduced new features, including insurance products and virtual cards.

Paga

A pioneer in Nigeria’s fintech scene, Paga was founded in 2009 to digitize cash and simplify payments. The company has since evolved into a group structure with three core businesses: Paga Consumer, Doroki (its SME-focused platform), and PagaTech (infrastructure and APIs). It now boasts over 21 million users, a vast agent network, and integration partnerships with major banks and telcos. Paga has also expanded internationally with licenses in Ethiopia and a growing footprint across the continent.

OmniRetail

OmniRetail is a B2B e-commerce platform that enables retailers to order fast-moving consumer goods (FMCG) from manufacturers and distributors via mobile apps, with optimised logistics and embedded financing. The company, which currently operates across Nigeria, Ghana, and Ivory Coast, closed a $20 million Series A round in April 2025. The startup digitises order management for 145 manufacturers, more than 5,800 distributors, and services over 150,000 informal retailers across its operational markets.

Termii

Launched in 2017 by Emmanuel Gbolade, Ayomide Awe, and Atinuke Idowu, Termii provides communication infrastructure that helps African businesses engage and retain customers via multi-channel messaging, including SMS, voice, and email APIs. The Y Combinator-backed startup has become a critical enabler of real-time notifications and two-factor authentication across fintech, healthtech, and logistics platforms. In late 2023, Termii launched TermiiGo, a programmable voice and call masking solution that expands its suite of developer tools. The company has also seen increasing adoption among financial institutions and large consumer-facing startups across West Africa.

Remedial Health

Founded in 2021 by Samuel Okwuada and Victor Benjamin. Remedial Health is a healthtech and supply chain startup digitising the pharmaceutical distribution system in Nigeria. It provides pharmacies and patent medicine vendors with access to authentic, affordable medicines directly from manufacturers, using a mobile-first inventory and procurement platform.

In March 2024, Remedial Health raised $12 million in Series A funding led by QED Investors and Ventures Platform, marking QED’s first healthtech investment in Africa. The company has scaled rapidly by streamlining operations for over 5,000 pharmacies and hospitals across the country.

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