Holcim exits Nigeria after 65 years, sells Lafarge Africa stake for $1bn

Swiss multinational Holcim has announced its exit from Nigeria after over six decades of operation, selling its 83.8% stake in Lafarge Africa Plc to China’s Huaxin Cement for $1 billion.

The sale, subject to regulatory approval, is expected to close by 2025. Holcim’s decision aligns with its global strategy to streamline operations and focus on high-growth regions and sustainable initiatives. This follows a similar divestment in Zambia, where it sold its majority stake to Huaxin Cement in 2021.

Lafarge Africa, formerly known as West African Portland Cement Company (WAPCO), has been pivotal in Nigeria’s construction sector since its inception in 1959. With plants in Ogun, Cross River, and Gombe states, the company boasts an annual production capacity of 10.5 million tons. Its well-known brands include Elephant Cement and Supaset.

Huaxin Cement, a 116-year-old industry leader and one of China’s top manufacturers, aims to expand its footprint in Africa through this acquisition, leveraging Lafarge’s established operations in Nigeria.

Holcim will shift focus to high-margin products and sustainable innovations, including low-carbon cement, as part of its broader strategy for growth and environmental responsibility.