Led by Nigerian billionaire Abdul Samad Rabiu, BUA Foods acquires the first of two shipping vessels to drive sugar exports in West Africa
•A second shipping vessel is expected to arrive by the end of the second quarter of 2022.
The acquisition of the vessels, led by Nigerian billionaire Abdul Samad Rabiu, will benefit the economy, providing an alternative source of income while significantly diversifying the company’s markets.
The vessel named MV Bundu – after the area in which the refinery is located – is said to depart and berth at BUA’s port and terminal, increasing export capacity while reducing operating costs.
According to Rabiu, the chairman of BUA Foods, the vessel’s cargo capacity is suited to enhance the quick and sustainable delivery of more refined sugar in the face of growing export demand from across the African region.
“As we drive our business for growth with a focus on sustainable returns and benefit to all our stakeholders and the Nigerian economy, owning a shipping vessel is an important step in BUA Foods strategy,” said the Chairman of BUA Foods Plc, Abdul Samad Rabiu.
“We see an increased and continued demand for refined sugar across the region with attendant increase for logistics support to aid timely delivery, which is why we need to strengthen our current capability with an own-controlled asset as we advance further in our business strategy. These new vessels will create operational efficiencies in our business and open possibilities for new services,” he added.
Early this year, BUA Group unveiled BUA Foods to consolidate its food businesses as part of its plans to maintain its market leadership in the agribusiness and food processing sector as well as take advantage of the growth opportunities presented by the African Continental Free Trade Area (AfCFTA).
The food businesses merged into BUA Foods are BUA Sugar Refinery Limited, BUA Rice Limited, BUA Oil Mills Limited, IRS Flour, and IRS Pasta.