Who is Huaxin Cement, the Chinese firm taking on Dangote and BUA?
By Salisu Umar Manta
Huaxin Cement makes a big move in Nigeria by acquiring Swiss company Holcim’s stake in Lafarge Africa
The Chinese group’s acquisition of Holcim’s stake marks a significant shift in Africa’s largest cement market.
Chinese cement manufacturer Huaxin Cement has agreed to acquire Swiss group Holcim’s 83.81% stake in Lafarge Africa for $1bn in a deal that challenges the dominance of Nigerian billionaires Aliko Dangote and Abdul Samad Rabiu in the continent’s largest cement market.
The transaction, which includes plans to acquire the remaining Holcim shares by 2026, gives Huaxin control of four Nigerian cement plants – Sagamu, Ewekoro, Ashaka and Mfamosing – with a combined annual production capacity of 10m tonnes.
The acquisition marks a significant expansion for the Hubei-based group, founded in 1907, which only entered the African market in 2020.
Brownfield acquisition in Africa
Nigeria’s cement demand has grown to approximately 30m tonnes annually, driven by infrastructure development and urbanisation.
Huaxin’s entry positions it as the third-largest player behind market leader Dangote Cement, which controls 35m tonnes of capacity in Nigeria out of 52m tonnes across Africa, and BUA Cement, controlled by Abdul Samad Rabiu.
The Chinese group has pursued a brownfield acquisition strategy across Africa, purchasing existing assets rather than building new facilities.
Previous deals include ARM Cement’s Tanzanian operations in 2020, Lafarge’s Zambian and Malawian businesses in 2021 and InterCement’s South African and Mozambican assets for $265m.
Li Yeqing, Huaxin’s chief executive, has overseen the group’s African expansion, which now totals nearly 30m tonnes of annual capacity across the continent following the Lafarge Africa acquisition
Slowing demand in China
Lafarge Africa generated revenues of $450m last year. The acquisition is expected to significantly boost Huaxin’s international revenues, which totalled RMB34.2bn ($4.8bn) in 2024.
Dangote Cement reported revenues of $2.4bn and net profit of approximately $340m last year, demonstrating comparable profitability despite operating at half the revenue scale of its Chinese competitor.
The deal comes as Chinese cement companies increasingly look abroad for growth opportunities amid overcapacity and slowing demand in their domestic market.
Huaxin’s parent company operates 152m tonnes of annual capacity globally.
Legal challenge from Nigeria
The transaction faces a legal challenge from Strategic Consultancy Ltd, a minority shareholder in Lafarge Africa, which has filed proceedings in a Nigerian federal court claiming it was not consulted about the sale.
The shareholder is seeking to annul the transaction, though Holcim confirmed the deal’s completion in late August. Huaxin declined to comment on the ongoing litigation.
Industry analysts suggest the acquisition could intensify competition in Nigeria’s cement sector, potentially benefiting consumers through improved supply and pricing dynamics.
The Chinese group recently invested $30m in its Zambian subsidiary to install a new kiln, signalling its commitment to modernising acquired assets across the continent.
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