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Chinese-backed Hainan Huaxin Cement is set to acquire Lafarge Africa for nearly $1 billionSenate approval clears the way for intensified competition in Nigeria’s cement industryAcquisition highlights China’s growing influence in Africa’s manufacturing and industrial sectors
Pascal Oparada is a journalist with Legit.ng, covering technology, energy, stocks, investment, and the economy for over a decade.
Nigeria’s multi-billion-dollar cement industry is on the verge of a significant transformation as Chinese-backed Hainan Huaxin Cement moves closer to acquiring Lafarge Africa Plc in a landmark transaction worth approximately $1 billion.
The proposed acquisition, which has now received the backing of the Nigerian Senate, is expected to reshape competition in the country’s cement market, setting the stage for a stronger rivalry with industry heavyweights Dangote Cement and BUA Cement.
Cement prices set to crash as Chinese cement firm set up shop in Nigeria. Credit: NurPhoto/ContributorSource: Facebook
If completed, the transaction will rank among the largest Chinese investments in Nigeria’s manufacturing
