By Uchenna Ezeadigwe 



Nigerian economy under President Bola Tinubu’s administration, has continued to struggle for survival, as Swiss cement and building materials manufacturers, Holcim, has announced its exit from the country.


It cited its strategy to streamline operations and focus on high-growth regions and sustainability, as one of its reasons of leaving Nigeria.


The company plans to sell its 83.8 per cent stake in Lafarge Africa Plc to China’s Huaxin Cement for $1billion.


The transaction is expected to close in 2025, subject to customary and regulatory approvals,” Holcim said in a statement.


The decision is in line with Holcim’s aim to prioritise higher-margin products, strategic infrastructure investments, and green technologies.


This includes its recent investment in low-carbon cement through a partnership with US-based Sublime Systems


Moreover, Holcim’s exit from Nigeria follows its 2021 disposal of its majority stake in Zambian operations, also to Huaxin Cement.


Meanwhile, Huaxin Cement, its buyer, has over a century of experience in the cement industry and operates across more than 300 branches globally.