Skip to content
BUA Industries secures $200 million from Afreximbank to accelerate expansion, boosting Nigeria’s industrial growth and self-sufficiency in key sectors.
BUA Foods Plc, one of Nigeria's top food producers, reports a 104-percent increase in revenue to N1.07 trillion ($647 million) for the nine months ending September 2024, driven by strong demand for sugar, flour, and pasta amid challenging economic conditions.
Nigeria’s BUA Cement posted strong Q3 sales growth, but rising input costs trimmed nine-month profits.
Abdul Samad Rabiu, the billionaire founder and chairman of BUA Group, has awarded 40 standout students from Al-Qalam University in Katsina State with the "Abdul Samad Rabiu Achievers Award."
The agreement will see BUA Foods more than double its current output from 400,000 tonnes to 900,000 tonnes per year.
The world-class research laboratory is one of many interventions under ASR Africa’s Tertiary Education Grants Scheme (TEGS), which is funded by ASR Africa’s $100-million Fund for Social Development and Renewal.
The financing will be facilitated through Nigeria’s tax credit scheme, designed to attract private sector participation in infrastructure development.
The company showcased robust revenue growth, surging past $110 million, yet faced a notable decline in profit due to escalating costs and currency devaluation.
Revenue growth was fueled by a significant increase in sugar sales. the strong performance expands its lead as Nigeria’s top food conglomerate.
Ranked as Nigeria’s third-richest person and Africa’s sixth by Forbes, Rabiu has recently experienced a notable drop in his wealth figures.