Industrial site of Lafarge Africa, symbolizing ongoing economic influence and colonial history in African countries.
Swiss building materials manufacturer Holcim will sell its stake in Nigerian cement company Lafarge Africa to Huaxin, a Chinese company, it said. Holcim said the $1 billion deal is expected to be completed in 2025. It holds an 84% stake in Lafarge Africa but is divesting as part of a broader move to focus on core growth markets. It sold businesses in Tanzania and Uganda last year. Lafarge Africa is one of Nigeria’s largest cement companies with four plants that have a combined output of 10.5 million tonnes per year. The company’s profit after taxes fell 4.7% last year despite a 9% increase in net sales.