Senate Intervenes In Lafarge Cement Divestment To Safeguard National Interests.
The Nigerian Senate has stepped in to address concerns over the planned divestment of Lafarge Cement, a major player in the country’s construction and industrial sectors. The intervention seeks to ensure that national interests are protected as the company transitions to new ownership.
Senate Raises Concerns Over Foreign Takeover
During plenary on Tuesday, Senator Shuaib Salisu (Ogun Central) raised a motion emphasising the strategic importance of Lafarge Cement to Nigeria’s infrastructure and economic development. Located in Ewekoro Local Council of Ogun State, Lafarge is more than just a business—it provides employment opportunities and plays a crucial role in industrial growth.
Holcim AG, the majority stakeholder in Lafarge Africa, currently holds an 83.8% share. The Swiss multinational has agreed to sell its stake to Huaxin Cement Co., a Chinese manufacturer, in a $1 billion deal set for completion in 2025, pending regulatory approval.
Call for Economic Patriotism
Senator Salisu expressed concerns that the transaction could result in capital flight, job losses, and reduced regulatory oversight in an essential sector. He further noted that while Nigerian investors expressed interest in acquiring Lafarge, they faced obstacles in the process.
“We cannot afford to wake up one day and realise that our cement industry, one of the backbones of our economy, is entirely in foreign hands,” Salisu warned. “This is a matter of economic patriotism.”
Senate Advocates for Local Investment
In response, the Senate stressed the need to safeguard Nigeria’s strategic assets and called for policies that promote local investment in vital industries. Lawmakers urged relevant authorities to ensure that the divestment process prioritises national interests and supports domestic economic growth.
With this intervention, the Senate aims to maintain Nigeria’s control over key sectors while encouraging policies that empower local businesses to thrive.