By Aduragbemi Omiyale

Dangote Cement Plc has cemented its position as Africa’s leading cement exporter by growing its cement and clinker exports from Nigeria by 71.6 per cent in the first quarter of 2026.

In its unaudited results released to the Nigerian Exchange (NGX) Limited, the cement manufacturer said its total installed production capacity has reached 55 million tonnes per annum (MTA) across Africa.

The company operates 35.25MTA capacity in Nigeria, where its Obajana plant in Kogi State—the largest in Africa—has 16.25MTA capacity across five lines. The Ibese plant in Ogun State has 12MTA, the Gboko plant in Benue State has 4MTA, while the Okpella plant in Edo State has 3MTA.

It was revealed that 10 clinker shipments were taken from Nigeria to neighbouring markets in the period under review, boosting the total sales volumes by 13.8 per cent year-on-year, driven by growth of 11.5 per cent in Nigeria and 19.5 per cent across its pan‑African operations.

It was observed that revenue was up by 20.4 per cent year‑on‑year to N1.198 trillion, driven by a strong rebound in volumes, which grew 13.8 per cent across our markets, while EBITDA increased by 22.8 per cent to N567.1 billion, demonstrating the strength of our operating model, disciplined cost control, and our ability to convert growth into superior profitability.

Between January and March 2026, the cement maker posted a profit before tax of N421.1 billion, representing a 35 per cent increase from N311.9 billion recorded in the corresponding period of 2025, while earnings per share rose to N19.14, up from N12.29, underscoring sustained value creation for shareholders.

In his remarks, the chief executive of Dangote Cement, Mr Arvind Pathak, said the results reflected the strength of the company’s operating model and its disciplined execution across markets.

“Our export business continues to scale rapidly, with volumes from Nigeria up 71.6 per cent and 10 clinker shipments completed in the quarter. This performance reinforces our strategic position as Africa’s leading cement exporter,” he said.

“Following the commissioning of our 3Mta grinding plant in Côte d’Ivoire, we are progressing well with our expansion projects in Itori and Ethiopia, alongside other growth initiatives across the continent. These investments will further strengthen our footprint and keep us firmly on track to reach 80Mt of production capacity by 2030,” he added.

Looking ahead to the rest of the year, Mr Pathak expressed confidence in the company’s growth outlook.

“We have entered the year with strong momentum and a clear strategic focus. Demand across our markets remains resilient, our expansion pipeline is delivering, and our operational discipline continues to drive margin improvement. We remain confident in sustaining this growth trajectory and in consistently delivering long‑term value to our shareholders,” he stated.

By Adedapo Adesanya

The Naira weakened against the United States Dollar by N1.33 or 0.1 per cent in the Nigerian Autonomous Foreign Exchange Market (NAFEX) on Tuesday, May 5, to N1,366.56/$1 from Monday’s N1,365.23/$1.

In the same market segment, the Nigerian currency also depreciated against the Pound Sterling during the session by N1.53 to sell for N1,851.25/£1 compared with the previous day’s N1,852.78/£1, but against the Euro, it appreciated by 22 Kobo to close at N1,598.74/€1 versus N1,598.96/€1.

For the second consecutive trading session, the Naira maintained stability against the Dollar at the GTBank forex counter at N1,384/$1 on Tuesday, and also at the parallel market at N1,380/$1.

Data from the Central Bank of Nigeria (CBN) revealed a sharp increase in interbank foreign exchange activity, driving today’s liquidity level in the official window.

Interbank FX turnover surged to $71.587 million across 99 deals, from $59.933 million reported the previous day. Elsewhere, Nigeria’s foreign reserves continue to decline, falling to $48.34 billion amid elevated global oil prices.

Global oil prices fell on Tuesday, a day after the US launched an operation aimed at reopening the Strait of Hormuz to shipping traffic, but exchanges of fire between the United States and Iran slowed the decline.

The Naira remained within the expected trading range as the CBN last month defended the Naira with $150 million, around 83 per cent below the equivalent amount injected into the official window in March.

Meanwhile, easing Iran tensions and renewed AI optimism fueled a broad risk-on rally in the cryptocurrency market, with Cardano (ADA) up by 4.3 per cent to $0.2634.

Further, Dogecoin (DOGE) gained 3.6 per cent to settle at $0.1154, Solana (SOL) improved by 3.1 per cent to $87.22, Ripple (XRP) increased by 1.5 per cent to $1.42, Binance Coin (BNB) added 1.3 per cent to sell for $634.67, TRON (TRX) expanded by 1.3 per cent to $0.3436, and Bitcoin (BTC) soared by 0.6 per cent to $81,323.62.

However, Ethereum (ETH) declined by 0.3 per cent to $2,363.37, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat flat at $1.00 each.

By Adedapo Adesanya

Crude oil prices ​fell about 4 per cent on Tuesday, as two vessels passed through the Strait of Hormuz and the ‌United States said the ceasefire with Iran remained in place despite both sides trading fire.

Brent futures fell by $4.57 or 4 per cent to $109.87 a barrel, while the US West Texas Intermediate (WTI) crude declined by $4.15 or 3.9 per cent to $102.27 per barrel.

The Pentagon on Tuesday insisted the ceasefire with Iran was holding after the countries clashed in the waterway; US President Donald Trump characterised the attacks as a “skirmish.”

He promised to start freeing up some of the 2,000 ships stranded in the Persian Gulf, saying the effort would be a humanitarian gesture for tankers from countries not involved in the US-Iran war, prompting a threat from Tehran to stay away from the Strait of Hormuz.

Defence Secretary Pete Hegseth said the country had secured a path through the waterway, saying hundreds of ships were lining up to pass through the critical waterway. Before the US and Israel attacked Iran on February 28, about 20 per cent of global oil supplies passed through the strait daily.

The US military also said two American merchant ships made it through the ​strait, without saying when, with the support of Navy guided-missile destroyers.

However, Iran denied any crossings had taken place, though shipping company Maersk said the ​Alliance Fairfax, a US-flagged ship, passed under US military escort on Monday.

Meanwhile, the United Arab Emirates (UAE) said it was under attack from Iranian missiles and drones on Tuesday. Iran ​denied that it attacked the UAE in recent days.

If Iran fails to halt attacks and threats to commercial shipping in the Strait of Hormuz, the UN Security Council members could support a ⁠US- and Bahrain‑backed draft resolution that could lead to sanctions against Iran, and potentially authorise force.

Led by Saudi Arabia and Russia, the core seven members of the Organisation of the Petroleum Exporting Countries and its allies (OPEC+) agreed on a 188,000 barrels per day production increase for June 2026, slightly lower than the 206,000 barrels per day hikes announced for April and May, reflecting the May 1 departure of the UAE from both OPEC and OPEC+.

The American Petroleum Institute (API) estimated that crude oil inventories in the US fell by 8.1 million barrels in the week ending May 1. In the week prior, US crude oil inventories fell by 1.79 million barrels. US crude inventories are up 37 million barrels so far this year.

Official data from the US Energy Information Administration (EIA) will be released later on Wednesday.