Lafarge Africa Plc plans to cut debt over the next two years as it seeks to boost profit before resuming expansion, according to the company’s chairman, Mobolaji Balogun. The company expects its leverage ratio to fall from over 100 per cent to between 60-70 per cent over the next 18 months, according to Bloomberg.

"As soon as the debt becomes more comfortable, we don’t sit there, we will put the foot down on the next round of expansion," said Mr Balogun.

The company’s total debt has dropped from over US$1bn to approximately US$600m after it used funds, including the proceeds of a NGN131bn (US$363.81m) rights offer, to curb liabilities.