Another Top Company, Holcim, Exits Nigeria After $1 Billion Sell-Off, Cites Stagnant Economy Under Tinubu
After a $1 billion sell-off, another leading company, Holcim, leaves Nigeria, complaining about the country’s sluggish economy under Tinubu.
After a $1 billion sell-off, another leading company, Holcim, leaves Nigeria, complaining about the country’s sluggish economy under Tinubu.
Due to poor economic conditions under the Bola Tinubu administration, Swiss cement manufacturer Holcim is planning to leave Nigeria.
According to Reuters, the business, which held an 84% holding in Lafarge Africa (WAPCO.LG), said on Sunday that it had sold the stake to Huaxin Cement of China for $1 billion.
According to Holcim, the purchase, which is expected to be completed by 2025, is subject to regulatory approvals.
The acquisition would streamline its portfolio, focusing on high-growth regions such as North America, which is expected to become the United States by 2025.
The company reportedly is focusing on long-term growth in its core markets, moving toward higher-margin products and investing heavily in infrastructure.
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This move comes after the company announced in September it had taken a stake in US-based low-carbon cement start-up Sublime Systems as part of its efforts to improve its environmental credentials.
It also comes after the company reported a slightly better-than-expected recurring operating profit of 1.67 billion Swiss francs ($1.90 billion) for the third quarter of 2024.
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Other companies that have exited Nigeria in 2024 include Pick n Pay, Microsoft Nigeria, Total Energies Nigeria, PZ Cussons Nigeria PLC, Kimberly-Clark Nigeria, and Diageo PLC, with several others leaving in 2023 when the president took office.
