Dangote Cement's exports of cement and clinker from Nigeria rose 41.8% to 1.5mn metric tons in the first nine months of 2026, with 26 clinker shipments to Ghana, Cameroon and Côte d'Ivoire, the company said in its results filed with the Nigerian Exchange. Group sales volumes rose 9.4% to 22.1mn tons, it said.
Analysis: Exports grew more than four times as fast as group sales volumes, but still represented only about 7% of tonnage, by our calculation. Twenty-six clinker shipments supplied Dangote's grinding plants in Ghana, Cameroon and Côte d'Ivoire, illustrating Nigeria's growing role as a regional production base for the group. Additional cargo could benefit bulk shipping and port services. The company did not disclose export revenue or profitability, limiting any assessment of the financial contribution. No export revenue figure had appeared in coverage of its November 4 investor call by November 5.
Source: Nigerian Exchange Limited (filings by listed companies), Dangote Cement Plc, interim results for nine months ended September 30, 2026 (earnings release filed on NGX, October 28, 2026), January-September 2026; Nigerian Exchange Limited (filings by listed companies), Dangote Cement Plc, 9M 2026 earnings release, January-September 2026
The naira ended October at 1,346.26 per US dollar on the official Nigerian Foreign Exchange Market (NFEM), 1.3% weaker than at the end of September and its first monthly fall since June, Central Bank of Nigeria (CBN) data showed. The currency had dropped to 1,367.61 per dollar on October 26 before regaining 1.6% over the last four sessions of the month.
Analysis: The naira's rebound near month-end left the dollar costing 5.3% fewer naira than a year earlier, by our calculation. Trading volumes were uneven, falling to $583mn on October 30 from $3.24bn on October 23. Gross foreign reserves increased just $295mn over the month, the smallest rise in six months. The central bank does not report its dollar sales, so the data cannot establish whether it intervened to support the currency. October consumer inflation figures, expected in mid-November, will offer the first reading covering the latest exchange-rate movement.
Source: Central Bank of Nigeria, CBN Nigerian Foreign Exchange Market (NFEM) daily rates feed (GetAllNFEM_Rates API behind the exchange-rate page), 30 October 2026 and 31 October 2025; Central Bank of Nigeria, CBN, Nigerian Foreign Exchange Market (NFEM) Rates table (JSON feed /api/GetAllNFEM_Rates behind the rates page), 30 September 2026 and 29 May 2026 and 30 June 2026; Central Bank of Nigeria, CBN NFEM daily rates (JSON feed of the Exchange Rates page), 26 October 2026 and 23 October 2026; Central Bank of Nigeria, CBN Movement in Foreign Reserves feed (GetAllReservesGRAPH API behind the reserves page), 30 October 2026; Central Bank of Nigeria, CBN, Movement in Foreign Reserves (JSON feed /api/GetAllReserves behind the reserves page), 30 April 2026 and 29 May 2026 and 30 June 2026 and 31 July 2026 and 31 August 2026 and 30 September 2026
Nigeria's central bank sold 244.9bn NGN (€162mn) of central bank bills, the instrument it uses to absorb excess naira liquidity, on October 29, a quarter of the 1tn NGN (€659mn) it offered, the Central Bank of Nigeria (CBN) said in its auction results. Investors had bid 2.28tn NGN (€1.50bn). The marginal rate was 17.69% on 124-day bills and 17.63% on 138-day bills.
Analysis: The central bank accepted 10.8% of bids, down from 96% a week earlier when it sold 2.63tn NGN (€1.73bn) in bills, by our calculation. It accepted yields no higher than 17.69% on 124-day paper and 17.63% on 138-day paper, while investors sought as much as 19.5% and 19%, respectively. The outcome suggests the bank resisted higher borrowing costs rather than facing insufficient demand. The Treasury had also accepted only 3.7% of bids at its preceding auction. Unplaced liquidity may return to the next Treasury sale, expected around November 11.
Source: Central Bank of Nigeria, CBN Government Securities feed, OMO auctions (GetAllSecuritiesOMO API behind the page), October 29, 2026 and October 22, 2026; Central Bank of Nigeria, CBN Government Securities Summary, OMO results (JSON feed), 22 October 2026; Central Bank of Nigeria, CBN Government Securities feed (GetAllSecuritiesNTB API behind the page), auction of October 28, 2026, October 28, 2026; Central Bank of Nigeria, CBN Nigerian Foreign Exchange Market (NFEM) daily rates feed (GetAllNFEM_Rates API behind the exchange-rate page), 30 October 2026; European Central Bank, ECB euro foreign exchange reference rates, US dollar, 30 October 2026
BUA Foods' flour revenue fell 30% to 415.1bn NGN (€274mn) in the first nine months of 2026 on softer demand, while sugar sales dropped 17% and rice 53% because of pricing changes, the company said in its results filed with the Nigerian Exchange. Pasta revenue rose 32% on higher volumes, but group revenue declined 19% to 1.15tn NGN (€756mn), it said.
Analysis: The cost of sales declined 34%, outpacing revenue's fall and helping pre-tax profit grow 11%. BUA attributed weaker flour performance to demand and changes in sugar and rice revenue to pricing, but did not publish enough volume data to separate price from quantity effects. Lower input costs may benefit food manufacturers and retailers, though the company's figures do not establish how much is passed through to buyers. Pasta volumes reportedly increased, highlighting differences across product lines. October inflation data, expected in mid-November, should provide broader evidence on food price trends.
Nigerian palm oil producer Presco cut group borrowings by about 57% to 137.1bn NGN (€90mn) in the nine months to September and grew revenue from Nigeria 12.7% to 222.0bn NGN (€146mn), the company said in a release filed with the Nigerian Exchange. Group pre-tax profit rose 8.5% to 151.5bn NGN despite lower edible oil prices, it said.
Analysis: Repaying approximately 180bn NGN (€119mn) of debt lowered finance costs by one-third, generating savings of 10.4bn NGN (€6.86mn). That accounted for most of the 11.9bn NGN (€7.82mn) increase in pre-tax profit, by our calculation. Domestic sales still rose 12.7%, although the company did not disclose volumes, making demand and price effects difficult to separate. Presco expects its newly acquired Saro plantation to begin delivering fresh fruit bunches in the fourth quarter. Full-year figures, due by March, will show whether additional supply can sustain earnings if palm oil prices remain weaker.
Source: Nigerian Exchange Limited (filings by listed companies), Presco Plc, 9M 2026 financial performance press release (filed on NGX, October 30, 2026), January-September 2026; Nigerian Exchange Limited (filings by listed companies), Presco Plc, 9M 2026 press release, September 30, 2026
Gross external reserves on the last trading day of each month, as published by the central bank CBN (a 30-day moving average); October is October 30. The series comes from the week’s second story; the lead's series, Dangote Cement's export tonnage, has too few comparable readings in our records to chart.. Source: Central Bank of Nigeria, CBN, Movement in Foreign Reserves (JSON feed /api/GetAllReserves behind the reserves page), 30 April 2026 and 29 May 2026 and 30 June 2026 and 31 July 2026 and 31 August 2026 and 30 September 2026; Central Bank of Nigeria, CBN Movement in Foreign Reserves feed (GetAllReservesGRAPH API behind the reserves page), 30 October 2026.
Tender of the week
Roads, drainage and utilities at the Bagauda agro-industrial hub, Kano
Buyer
Kano State Special Agro-Industrial Processing Zone (SAPZ) project unit, Kano State Ministry of Agriculture and Natural Resources
Scope
Site clearance and earthworks, drainage and culverts, roads, truck parking, wastewater, solid-waste and water networks, a power supply facility, solar street lighting, telecom ducts and public toilets at the agro-industrial hub (AIH) in Bagauda, Kano. International competitive bidding under IsDB guidelines.
Value
Not published; bid security of 405mn NGN (about €267,000)
Funding
Islamic Development Bank (IsDB), installment-sale financing no. NGA 1040
Closes
Wednesday, December 9, 2026
Alama Pro members get the link to the official notice for this and every other tender.
In Alama Pro this week
Deep dive: Nigeria's gains from $110 oil and production of 1.7mn barrels a day
15 stories with workings, from eight areas: cement exports, the naira, reserves and central bank bills to flour, palm oil, oil producers, petrol exports, crude supply, consumer-goods makers, mobile data, cash transfers, airport handling and a canceled fintech listing
Five trackers, from inflation and the policy rate to the naira, reserves and oil output, the tender of the week and every open tender we follow, with deadlines
