🇳🇬NigeriaWest Africa
BUA Foods plans major expansion after N504bn dividend approval
via Punch Nigeria5 min read
BUA Foods Plc announced plans to significantly increase local food production and affordability following shareholder approval of a N504bn dividend at its fifth Annual General Meeting. The company's expansion strategy includes boosting flour milling and pasta capacities, launching a noodles business, completing edible oils operations, and rolling out an integrated feed mill. Chairman Abdul Samad Rabiu stated that these projects aim to make BUA the largest indigenous food manufacturing company in Nigeria by next year, driven by the need to strengthen the country's food manufacturing sector. He emphasized that the company's growth is not just about size but about creating a more competitive market for the benefit of consumers, investors, and the economy. BUA Foods also plans to focus on doubling capacity across its wheat-based products and expanding into noodles and edible oils to meet consumer demand. Despite inflationary pressures, the company is committed to affordability by improving operational efficiency, optimizing procurement, and diversifying energy sources rather than solely relying on price increases. Non-Executive Director Kabiru Rabiu called for increased public and private sector investment in agriculture, including subsidies for farm inputs and improved irrigation infrastructure, to enhance food security and domestic production.
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