The unveiling was held on Wednesday, at a brief media event
at the Group’s head office in Lagos.
Among the food businesses that were merged into BUA Foods
includes BUA Sugar Refinery Limited, BUA Rice Limited, BUA Oil Mills Limited,
IRS Flour, and IRS Pasta.
According to the Group, the consolidation became necessary
to maintain its market leadership in the agribusiness and food processing
sector.
It will also enable it take advantage of the growth
opportunities in the economy and the export prospect presented by the African
Continental Free Trade Area (AfCFTA).
“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, he added.”
He 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 said.
BUA foods has also invested heavily in the backward
integration program of the Federal Government under the supervision of the
National Sugar Development Council (NSDC).
Its 20,000 hectares of Sugar cane plantation in Lafiagi,
Kwara state is generating over 10,000 direct employment with capacity to add
200,000metric tonnes of sugar into the economy as well as produce 20,000,000
litres of ethanol.
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.
As part of its expansion drive, BUA Foods said it plans to
list on the stock exchange soon to allow Nigerians benefit from the growth
opportunities.
The company said it remains committed to the food security
drive of the nation even as it continues to pursue its growth objectives.
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