Holcim, a Swiss building materials giant, is set to leave Nigeria after agreeing to sell its 83.81% stake in Lafarge Africa Plc to the Chinese company Huaxin Cement Ltd. The deal is valued at $1 billion and is expected to close in 2025, pending regulatory approvals.
Lafarge Africa, part of Holcim, has been a key player in Nigeria’s construction industry, offering products like cement, aggregates, and ready-mix concrete. Holcim did not disclose specific reasons for its decision, but the move aligns with a trend of multinational companies exiting Nigeria due to economic challenges and changing business strategies.
In May 2023, Kimberly-Clark, the maker of Huggies diapers, stopped operations in Nigeria after 14 years. Similarly, South Africa’s Pick n Pay announced plans to exit Nigeria in October 2023, selling its 51% stake in a joint venture. The pharmaceutical sector has also seen major exits, with GlaxoSmithKline and Sanofi-Aventis ending operations in 2023.
These developments highlight the growing difficulties multinational firms face in Nigeria and their shift toward restructuring their global strategies.
