BUA Group says it’s consolidating its market leadership in the agribusiness and food processing sector.
The group is exploring growth opportunities in the economy and the export prospect presented by the African Continental Free Trade Area (AfCFTA) for sustainable economic growth.
To achieve this, the group formally unveiled BUA Foods, under which its food businesses are now consolidated.
The food businesses that were merged into BUA Foods are BUA Sugar Refinery Limited, BUA Rice Limited, BUA Oil Mills Limited, IRS Flour, and IRS Pasta.
“We have perhaps the largest food business in Nigeria and the West African sub-region. To realise our full potential as a business as we drive the food security needs of the country, we recently consolidated our food businesses under a single entity to be known as BUA Foods,” said the Chairman of BUA Group, Abdul Samad Rabiu. “The restructuring will enable us to be nimbler and more responsive to the food needs of the population as we continue to build a sustainable business.”
The Chairman said BUA Foods is well-positioned to take advantage of the AfCFTA considering its investments in the foods sector over the years. Highlighting some of BUA’s bold investment initiatives in the sector, Rabiu explained that the Group has eight ultra-modern factories across the country where sugar, flour, pasta products, edible oils, and rice are refined and processed.
The business has a refining capacity of 1.5 million metric tonnes of sugar yearly from its two automated sugar refineries in Lagos and Port Harcourt. “Our destination refinery in Port Harcourt is mostly export-based and can produce the highest grade of sugar there, that could serve the West African sub-region and the Nigerian markets,” he enthused.
While delivering the welcome address, the Chief Executive Officer of BUA Foods, Engineer Ayodele Abioye, said the restructuring also reinforces our brand promise which is centred around customers and consumers. “We have continued to evolve to become a loved brand across our offerings in sugar, flour, pasta and rice. We are committed to doing same in our future expansions,” he said.