Swiss multinational Holcim, a leading global provider of sustainable construction solutions, has announced its decision to exit the Nigerian market after over six decades of operations.
The company will sell its 83.8% stake in Lafarge Africa Plc to China’s Huaxin Cement in a $1 billion transaction.
The deal, subject to regulatory approval, is expected to conclude by 2025. This divestment aligns with Holcim’s global strategy to streamline its portfolio and focus on high-growth regions and sustainable innovations.
Lafarge Africa, formerly known as West African Portland Cement Company (WAPCO), has been a cornerstone of Nigeria’s construction industry since its inception in 1959. With plants in Ogun, Cross River, and Gombe states, the company has an installed production capacity of 10.5 million tons annually and is known for brands such as Elephant Cement and Supaset.
Huaxin Cement, one of China’s leading cement manufacturers with a 116-year legacy, plans to leverage Lafarge’s established operations to expand its presence in Africa, particularly in Nigeria’s growing market.
Holcim’s exit follows similar divestments in less strategic markets, including Zambia, where it sold its majority stake to Huaxin in 2021.
The move will allow Holcim to focus on high-margin products and sustainable innovations, including low-carbon cement.
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