Industry data highlights presence of several profitable cement producers and growing refinery capacity amid capital flight concerns
By: Wapcodehub9ja LIVE News Correspondent || Reporting Live from: Lagos, Nigeria
Discussions around monopoly claims in Nigeria’s industrial sector have resurfaced, with analysts pointing to the presence of multiple profitable operators in both the cement and refinery industries. Observers argue that market structure and capital availability, rather than dominance by a single firm, continue to shape competition within these sectors.
In the cement industry, Nigeria currently has at least four major producers operating at scale. These include Dangote Cement, BUA Cement, Lafarge Africa, and Mangal Cement, all of which report sustained annual operations and market participation. Industry data indicates that these companies collectively serve different regions of the country, reflecting a competitive landscape rather than a single-operator market.
Market analysts note that entry into heavy manufacturing sectors such as cement production is capital-intensive, requiring significant upfront investment, infrastructure, and regulatory compliance. As a result, the number of operators is influenced more by financial capacity and long-term planning than by market exclusion.
Similar arguments have been raised regarding Nigeria’s oil refining industry. Experts emphasize that refinery ownership is open to private investors with sufficient capital, with opportunities existing for both large-scale and smaller-capacity facilities. Recent years have seen increased interest in modular and privately owned refineries as part of efforts to reduce fuel imports.
Attention has also been drawn to Nigeria’s historical capital flight. Estimates suggest that approximately $150 billion left the country illicitly between 1999 and 2023. Economic analysts argue that even a fraction of this amount, if retained and invested locally, could have supported the development of additional refineries and industrial infrastructure.
As policy debates continue, stakeholders are increasingly focusing on strengthening investment frameworks, curbing illicit financial flows, and improving access to capital as key steps toward expanding industrial capacity and fostering broader competition across Nigeria’s key economic sectors.
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