Swiss cement maker Holcim announced plans to exit its Nigerian business by selling its nearly 84 per cent stake in Lafarge Africa to China's Huaxin Cement in a $1 billion deal. The company stated that the move aligns with its strategy to streamline its portfolio and prioritize high-growth regions. This includes the upcoming spin-off of its North American operations, which is set for a US listing in the first half of 2025.

Holcim mentioned that the transaction, subject to regulatory approval, is expected to conclude in 2025, but did not specify the reasons behind the decision to sell its Nigerian operations. Last November, the company revealed it had signed agreements to divest its businesses in Uganda and Tanzania, emphasizing that these moves support its strategy to strengthen leadership in core markets and promote innovative, sustainable building solutions.

Huaxin Cement’s acquisition in Nigeria follows a series of African investments by the Chinese company. In 2021, Huaxin acquired a 75 per cent stake in Lafarge Zambia and the entirety of Lafarge Cement Malawi. Last year, it also announced the purchase of South Africa's Natal Portland Cement Company.

Holcim has been focusing on sustainable growth, higher-margin products, and infrastructure investments while enhancing its environmental initiatives. In September, the company took a stake in Sublime Systems, a US-based tech start-up developing low-carbon cement. In October, Holcim reported a recurring operating profit of 1.67 billion Swiss francs for the third quarter, slightly exceeding expectations.