Holcim To Sell 83% Stake In Lafarge To Chinese Firm 

Swiss building materials giant, Holcim, has announced plans to sell its Nigerian business, Lafarge Africa Plc, to China’s Huaxin Cement Ltd.

The $1 billion deal involves Holcim divesting its 83.81 percent stake in Lafarge Africa, marking another significant corporate exit from Nigeria.

In a recent statement, Holcim confirmed the agreement, stating that the transaction is expected to close in 2025, pending regulatory approvals. Lafarge Africa, a key member of the Holcim Group, is a leading provider of cement, aggregates, and ready-mix concrete for construction projects.

“Holcim has signed an agreement with Huaxin Cement Ltd to sell its entire 83.81 percent shareholding in Lafarge Africa Plc, at an equity value of $1 billion on a 100 percent basis,” the statement read. Despite the announcement, Holcim has not disclosed the reasons behind its decision to exit Nigeria.

Holcim’s move adds to a string of notable multinational exits from Nigeria in recent years, often citing challenging economic conditions and shifting corporate strategies.

In May 2024, Kimberly-Clark, the producer of Huggies diapers, announced its decision to cease local manufacturing and sales in Nigeria after 14 years, attributing the move to refocused global priorities and prevailing economic trends in the country.

Similarly, South African retailer Pick n Pay revealed plans in October to sell its 51 percent stake in a Nigerian joint venture, citing the need to consolidate operations within its home market.

The pharmaceutical sector has also seen significant exits. In 2023, GlaxoSmithKline (GSK) Consumer Nigeria Plc shut down its operations, transferring its business to a third-party organisation. Sanofi-Aventis Nigeria Limited halted direct operations in November 2023, and shortly afterward, Procter & Gamble (P&G) announced a shift from local manufacturing to import-based operations.