Fear of a crash in Chinese crude oil demand
By Aduragbemi Omiyale
In order to maintain its market leadership in the agricultural and food sector, the BUA Group has merged its various grocery stores into BUA Foods.
During the unveiling of the new brand at a media briefing in Lagos on Wednesday, the Chairman of the BUA Group, Mr. Abdul Samad Rabiu, said: We are continuing to build a sustainable business. “
Business mail reports that the food companies merged into BUA Foods were BUA Sugar Refinery Limited, BUA Rice Limited, BUA Oil Mills Limited, IRS Flour, and IRS Pasta.
This development should enable the company to take advantage of the economic growth opportunities and the export prospects of the African Continental Free Trade Area (AfCFTA).
âWe have perhaps the largest grocery store in Nigeria and the West African sub-region. To achieve our full potential as a business while advancing the country’s food security needs, we recently brought our food businesses together under a single entity called BUA Foods, âsaid Rabiu.
He announced that, given its investments in the food sector over the years, BUA Foods is well positioned to take advantage of the AfCFTA.
Mr. Rabiu highlighted some of BUA’s bold investment initiatives in the sector, stating that the group has eight state-of-the-art factories across the country that refine and process sugar, flour, pasta, edible oils and rice.
The company has an annual refining capacity of 1.5 million tonnes of sugar from its two automated sugar refineries in Lagos and Port Harcourt.
“Our target refinery in Port Harcourt is largely export-oriented and can produce the highest quality sugar there that could serve the West African sub-region and the Nigerian markets,” he enthused.
BUA Foods has also invested heavily in the federal government’s backward integration program under the supervision of the National Sugar Development Council (NSDC). Its 20,000 hectare sugar cane plantation in Lafiagi, Kwara state, creates over 10,000 direct jobs with the capacity to add 200,000 tons of sugar to the economy and produce 20,000,000 liters of ethanol.
Speaking of the company, BUA Foods Chief Executive Officer, Engineer Ayodele Abioye, said the restructuring also reinforces our brand promise, which is focused on customers and consumers.
âWe have continuously developed and have become a popular brand in all of our sugar, flour, pasta and rice offerings. We aim to do the same with our future expansions, âhe said.
As part of its expansionist drive, BUA Foods plans to go public soon so Nigerians can take advantage of the growth opportunities. The company said it remains committed to the country’s food security even as it pursues its growth goals.