BUA Cement, West Africa’s second largest cement company, was listed on the Nigerian Stock Exchange recently and reached a market capitalization of US$3.3bnillion on the day of its listing. . The listing also coincided with the merger of two of BUA’s cement entities- Cement Company of Northern Nigeria and Obu Cement company.
It also secures BUA’s position as Nigeria’s second largest cement producer by volume. With a total capacity to 8 million tonnes per annum (MTPA) and an additional 3million metric tonnes plant coming up in the second half of the year 2020, BUA becomes the second largest cement producer in Nigeria and occupies a coveted position in the pan-African rankings.
The cement market in Nigeria is controlled by four large players: BUA Group, Dangote Group, Sokoto Cement and the French company Lafarge. The Dangote Group dominated 93% of the entire industry’s profits in 2017. The BUA Group has made significant investments in the sector and has a powerful presence in North of Nigeria.
