Nigeria's Senate has approved the proposed acquisition of Lafarge Africa by Hainan Huaxin Pan-African Investment, subject to full compliance with Nigerian laws and regulatory requirements.
The transaction forms part of Huaxin Cement's strategy to expand its presence in Africa, where the company has been actively acquiring cement assets in recent years. Lafarge Africa is one of Nigeria's leading cement producers, with an estimated 18% share of the domestic cement market, making it a strategic entry point into one of Africa's largest construction markets.
Following its review, the Senate concluded that the acquisition poses no immediate national security risk and supports Nigeria's policy of attracting foreign investment. Huaxin has also committed to maintaining employment for at least two years after the acquisition, while regulators have been instructed to closely monitor the transaction.
