The Nigerian Senate has called on the Federal Government to stop the planned sale of Lafarge Africa Plc to a Chinese firm, warning that the move could lead to massive job losses and threaten national security.
Senator Shuaib Afolabi Salisu (APC-Ogun Central) raised the alarm during a Senate plenary on Friday, March 28, 2025, arguing that allowing a foreign takeover of Lafarge Cement could harm Nigeria’s economy.
Lafarge, which operates major cement plants in Cross River, Ogun, and Gombe states, is a key player in Nigeria’s construction industry.
However, its majority shareholder, Holcim AG, is set to sell its 83.8% stake to China’s Huaxin Cement Co. Ltd. in a $1 billion deal expected to close next year.
Senator Salisu warned that the sale could result in job cuts, capital flight, and reduced local control over a critical sector. "We cannot allow our cement industry, which is vital for infrastructure development, to fall entirely into foreign hands," he said.
The Senate unanimously backed the motion, urging the Federal Government to suspend the sale and prioritize Nigerian investors.
Lawmakers emphasized the need to protect the country’s economic sovereignty and prevent unnecessary job losses.
.jpeg)
.jpeg)
.jpeg)
.jpeg)
Social Plugin