The financing will allow BUA, Nigeria’s second-largest cement producer, to develop new production lines in Sokoto State.
on Monday said that it had secured a $500 million facility from the International Finance Corporation and partners to develop energy-efficient cement production capacity and strengthen its equipment and logistics capabilities in northern Nigeria.
It said the financing, announced during the Africa CEO Forum in Abidjan, Côte d’Ivoire, will allow BUA, Nigeria’s second-largest cement producer, to develop new production lines in northern Nigeria’s Sokoto State. “This includes areas with limited opportunities and a need for increased private sector engagement. The new plants will provide local developers with a reliable and affordable source of cement, and bolster the construction of essential infrastructure, fostering economic growth and prosperity for the region,” it said.The project is expected to create about 1,000 direct and 10,800 indirect jobs. Direct jobs include those in manufacturing, engineering, and advanced automation systems.
“We are particularly pleased to have successfully gone through the rigorous process with IFC, AfDB, AFC, and DEG, which validates our responsible business practices. By focusing on greener fuels and enhancing our equipment and logistics platform, BUA Cement is building a foundation for sustainable infrastructure growth and a more inclusive society.”
Samaila Zubairu, CEO & President of Africa Finance Corporation , said, “Following an initial $200 million investment in BUA Group in 2021, we are proud to play another key role in this landmark manufacturing project set to transform the construction sector in northern Nigeria and the entire country.
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