Swiss multinational Holcim has announced its departure from Nigeria after over 60 years of operation, selling its 83.8% stake in Lafarge Africa Plc to China’s Huaxin Cement for $1 billion.
The transaction, which is subject to regulatory approval, is expected to be finalized by 2025.
This move aligns with Holcim’s global strategy to streamline its portfolio and focus on high-growth markets and sustainable innovations. The decision follows a similar divestment in Zambia in 2021, where Holcim also sold its majority stake to Huaxin Cement.
Lafarge Africa, formerly known as West African Portland Cement Company (WAPCO), has played a significant role in Nigeria’s construction sector since its establishment in 1959. With production plants in Ogun, Cross River, and Gombe states, the company has an annual output capacity of 10.5 million tons and is known for its flagship brands, including Elephant Cement and Supaset.
Huaxin Cement, a 116-year-old industry leader and one of China’s largest cement manufacturers, sees this acquisition as a key step in expanding its presence in Africa. The company aims to leverage Lafarge Africa’s established operations to strengthen its footprint in the region.
As part of its global strategy, Holcim plans to concentrate on high-margin products and sustainable solutions, including low-carbon cement, to drive growth and meet environmental goals.
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