After more than six decades of operations in Nigeria, Swiss multinational Holcim has announced its decision to exit the country.
Holcim, a global leader in innovative and sustainable construction solutions, disclosed plans to sell its 83.8% stake in Lafarge Africa Plc to China’s Huaxin Cement in a transaction valued at $1 billion.
The deal, which is subject to regulatory approval, is expected to close by 2025.
This move aligns with Holcim’s global strategy to streamline its portfolio and focus on high-growth regions and sustainable initiatives.
The company has been divesting assets in less strategic markets, including Zambia, where it sold its majority stake to Huaxin Cement in 2021.
Lafarge Africa, formerly West African Portland Cement Company (WAPCO), began operations in 1959 and has been a cornerstone of Nigeria’s building materials industry.
Its facilities include plants in Ogun, Cross River, and Gombe states, with an installed production capacity of 10.5 million tons annually. The company is renowned for its flagship brands such as Elephant Cement and Supaset.
Huaxin Cement, the incoming investor, has a 116-year history in the global cement industry and is among China’s top manufacturers.
The acquisition positions Huaxin to strengthen its footprint in Africa, leveraging Lafarge’s established operations to expand in one of the continent’s largest markets.
Holcim, on the other hand, will focus on high-margin products and sustainable innovations, including low-carbon cement.
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