NIGERIA – BUA Foods, the food processing and marketing arm of one of Nigeria’s leading manufacturing conglomerates, BUA Group, has augmented its sugar export operations in the West African region with acquisition of two shipping vessels.
The food giant has welcomed the first of the two shipping vessels named MV Bundu – after the area in which its sugar refinery is located.
BUA Foods owns strategically located plants across Nigeria with its ultra-modern sugar refinery located in Port Harcourt easing export operations while reducing operating cost.
The vessel cargo capacity is suited to enhance quick and sustainable delivery of more refined sugar in the face of growing export demand from across the African region.
Export of the refined sugar will benefit the economy, providing alternative source of income, while significantly diversifying the company’s markets.
“As we drive our business for growth with 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 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 it is important for us to strengthen our current capability with an own-controlled asset as we advance further in our business strategy,” he added.
With this investment, BUA Foods is well positioned to take advantage of the AfCFTA, considering its investments in the food sector over the years.
“Owning a vessel to export sugar is a crucial enabler of flexibility and agility in our total supply chain as it allows our customers to tackle time-critical fulfillment challenges due to timely availability of their goods.
“As we expand our customer base into the region, we strongly believe in working closely with
them towards meeting and surpassing their needs in time and in full,” said MD BUA Foods Engr. Ayodele Abioye.
To further strengthen its export drive, a second shipping vessel is expected to arrive by the end of the second quarter of 2022 to promote cross border trade to businesses across the West African region and other African countries.
BUA Foods continues to invest in modern technology for efficient food production, innovatively expanding with strategic partners across the value chain.
For over three decades, the company has maintained an unbroken streak of year-on-year growth, investing in sugar, flour, pasta products, edible oils, and rice processing.
To boost stakeholders’ confidence in the company, BUA recently listed its shares on the Main Board of The Nigerian Exchange (NGX).