BUA Foods Plc has reaffirmed its commitment to the Backward Integration Project (BIP) in the sugar sector, aligning with the federal government’s extended Sugar Master Plan 2.0.
The project aims to achieve self-sufficiency in sugar production, reducing Nigeria’s reliance on imported sugar. This is as the shareholders approved the dividend payment of N13 per share.
The chairman of BUA Foods Abdul Samad Rabiu stated this at the Company Annual General Meeting (AGM) held in Abuja.
Speaking to shareholders, Rabiu stated that “the year 2024 was marked by significant global and domestic challenges, driven by various macroeconomic headwinds. Despite these hurdles, we remained steadfast in our operations and achieved notable progress on key strategic initiatives.”
He noted that “our strategic emphasis on capacity expansion, market penetration, and product innovation has delivered remarkable results. In 2024, we committed to further expanding our wheat milling and pasta production capacities to address food supply challenges and promote food security.”
By December 2024, BUA Foods closed the year with a market capitalisation of N7.47 trillion, up from N3.48 trillion in 2023, indicating a remarkable 115 per cent growth. Its share price increased to N415 from the initial listing price of N40 per share.
BUA Foods closed the year with a revenue milestone of N1.53 trillion, an increase of 109 per cent relative to its 2023 performance, while profit for the period grew to N265.9 billion despite rising input costs and foreign exchange losses.
Rabiu disclosed that “in 2025, we remain committed to accelerating the completion of our Backward Integration Project (BIP), aligned with the federal government’s extended Sugar Master Plan 2.0, which aims to achieve self-sufficiency in the sugar sector.
“In 2024, we expanded our sugarcane plantations, adding more hectares across our integrated sites in key agricultural zones. Building on our community partnership in the Paddy Rice Project which commenced in 2023, we continue to address critical challenges in Nigeria’s rice production industry.
“By boosting local output, empowering farmers, and promoting sustainable agricultural practices, this initiative supports food security, economic growth, and environmental sustainability.”
He noted that “to support our growth ambitions, we planned a significant capacity expansion for our flour division. Following a signed agreement with a leading flour milling equipment manufacturer, we are set to build four state-of-the-art wheat milling factories. This expansion will boost our milling capacity from the current 1.5 million metric tonnes per annum (MTpa) to an impressive 2.5 million MTpa.”
BUA chairman added that “upon completion, this project will not only strengthen our manufacturing presence and reinforce our market leadership but will also create new job opportunities, contributing positively to the economy.”
Also, the managing director of BUA Food, Ayodele Abioye pointed out that “the Sugar Backward Integration Programme (BIP) remains a core component of our long-term strategy to achieve self-sufficiency in raw sugar supply, enhance supply chain resilience, and support Nigeria’s National Sugar Development Agenda.”
In 2025, Abioye said that “we will maintain our focus on product innovation to deepen market penetration, while strengthening our primary and secondary distribution channels to promote affordable pricing to our consumers.”
