Holcim Announces Exit from Nigeria After 65 Years, Focuses on High-Growth Markets
Swiss building materials giant Holcim is set to withdraw from Nigeria after 65 years, citing a strategic shift toward high-growth regions and sustainable solutions. The company plans to sell its 83.8% stake in Lafarge Africa Plc to China’s Huaxin Cement in a deal valued at $1 billion.
In a statement, Holcim confirmed the agreement with Huaxin Cement Ltd, noting that the transaction, subject to customary and regulatory approvals, is expected to be finalised in 2025.
“Holcim has signed an agreement with Huaxin Cement Ltd to sell its entire 83.81% shareholding in Lafarge Africa Plc at an equity value of $1 billion on a 100% basis,” the company said.
This decision aligns with Holcim’s global strategy to streamline operations, focus on high-margin products, and invest in sustainable building technologies, including its recent collaboration with Sublime Systems on low-carbon cement.
Holcim’s departure from Nigeria mirrors its earlier divestment from Zambia in 2021, where it also sold a majority stake to Huaxin Cement. The evolving Nigerian cement market, increasingly dominated by local players like Dangote Cement and BUA Cement, has influenced the competitive landscape.
Lafarge Africa, a key player in Nigeria’s building materials industry since 1959, operates four plants with a production capacity of 10.5 million tonnes annually. The company has been a pioneer in green building practices and decarbonisation efforts within the sector.
Huaxin Cement, the buyer, brings over a century of expertise in the cement industry and manages more than 300 branches globally. Holcim, on the other hand, reported CHF 27 billion in sales in 2023 and employs more than 63,000 staff worldwide.
The move signals a significant transition in Nigeria’s construction sector while marking a new chapter for Holcim in its pursuit of sustainable growth.
