Dangote Cement bets on exports to build $22m forex cushion

Dangote Cement is turning to exports as its insurance policy against Nigeria’s turbulent currency. After years of absorbing crippling foreign exchange (FX) losses, Africa’s biggest cement maker says it is pursuing an “aggressive export strategy” that could deliver a monthly $22 million forex surplus.

The company is boosting clinker and cement exports by 200% in five years, Chief Financial Officer Gbenga Fapohunda told The Africa Report, calling the push a central plank in Dangote’s plan to neutralise currency volatility across its African markets.

The timing is no accident. For the first time in at least five years, Nigeria’s three publicly listed cement giants—Dangote Cement, Lafarge Africa and BUA Cement—are back in FX positive territory.

Together, they booked ₦49.5 billion (about $33 million at ₦1,500/$) in net foreign exchange gains in the first half of 2025, reversing the bruising losses triggered by multiple naira devaluations in 2023 and 2024. The swing has offered a much-needed lift to bottom lines already pressured by weak consumer demand at home.

Dangote’s export numbers tell the story. The group shipped 481,000 tonnes of clinker from Nigeria to Cameroon and Ghana in the first six months of 2025, according to its latest activity report.

While it did not break down country-specific volumes, the company said the flows helped stabilise production in those markets and shield operations from volatile international clinker prices.

Cameroon remains central to that strategy. Dangote’s 1.5Mt/yr grinding plant in Douala sold 687,000 tonnes of cement in the first half—3% below the same period last year—blaming a temporary slowdown in demand. Still, major infrastructure works such as the Douala–Yaoundé highway and nationwide road rehabilitation are expected to underpin demand in the months ahead, even with elections scheduled for October.

“These initiatives should maintain sustained cement demand in the medium term, despite uncertainties linked to the general elections scheduled for October 2025,” the report stated.

The company is also moving forward with its long-delayed second plant in Cameroon, a project first announced in 2015. Construction has now officially commenced after receiving government approval, said Bertrand Mbouck, Dangote’s country chief in Cameroon. Originally planned to take 20 months, the expansion underscores the group’s long-term bet on Central Africa’s cement market.

Elsewhere, Congo proved tougher terrain. Sales there stagnated at 446,000 tonnes in the first half of 2025, as logistical snags throttled exports despite the return of public construction projects.