BUA Group has restructured its food business model in contributing to the food security drive of the nation.
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.
The Group said the consolidation became necessary to maintain its market leadership in the agribusiness and food processing sector as well as take advantage of the growth opportunities in the economy and the export prospect presented by the African Continental Free Trade Area (AfCFTA).
The chairman of BUA Group, Abdul Samad Rabiu stated this at the formal launch of newly consolidated BUA Foods Business, yesterday in Lagos. Rabiu said that “BUA’s heritage as an indigenous and fully integrated food conglomerate, undoubtedly places an obligation of sorts on us to play a leading role in the developmental drive of our economy and it is a goal the Company is pursuing with vigour and determination.”
He noted that “To underscore this commitment as well as tap into the diversification agenda of government, BUA Group recently restructured its business model to enable it take advantage of existing opportunities while contributing to the food security drive of the nation.
According to BUA chairman, BUA Group is one of the largest indigenous conglomerates in Africa and we have continued to invest heavily in the nation’s food industry.
have built eight ultra-modern factories across the country where we refine and process sugar, flour, pasta products, edible oils, and rice.
“We have a refining capacity of 1.5 million metric tonnes of sugar yearly from our two automated sugar refineries in Lagos and Port Harcourt. Our flour milling and pasta processing factories have a milling capacity of 576,000 metric tonnes and 250,000 tonnes total production yearly, respectively. By middle of next year, we will commission our new lines in Port Harcourt, and with that we will have a total of 850,000 tonnes of flour and another 250,000 tonnes of pasta. That will give us a total of 1.4 million tonnes of flour milling and 500,000 tonnes of pasta from next year.
“Our rice mill, one of the largest in the country, has a capacity to produce 200,000 tonnes yearly. We are working on rice plantation that will change the face of rice production in Nigeria.”
He added that “We have also continued to invest in and help drive government’s backward integration policy by investing in large scale estates within the country to help deepen local sugar production.
“These investments in the food industry have not only helped move the nation towards food security, thousands of jobs have also been created through these efforts.”
He emphasised that the Company will continue to empower individuals and households as well as boost government incomes through its operations while reducing the foreign exchange pressures on the economy.