.BUAgroup secures $500m facility from IFC, AfDB to build new cement plants in Sokoto | TheCable
According to the corporation, the African Development Bank andDeutsche Investitions — und Entwicklungsgesellschaft , German investment corporation, contributed $45 million“The financing, announced during the Africa CEO Forum in Abidjan, Cote d’Ivoire, will allow BUA, Nigeria’s second-largest cement producer, to develop new production lines in northern Nigeria’s Sokoto state,” the statement reads.“The plants will run partly on alternative fuels derived from waste and solar power.
“Investing in northern Nigeria is integral to IFC’s strategy to promote sustainable development in underserved regions. 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.“The project is expected to create about 1,000 direct jobs and 10,800 indirect jobs. Direct jobs include those in manufacturing, engineering, and advanced automation systems. Indirect jobs include those in the cleaning, maintenance, mining, and transportation sectors.
“In line with our commitment to sustainability and ESG principles, this investment will create jobs and contribute to economic and infrastructural development within Nigeria and the greater Sahel region,” Rabiu said.“We are particularly pleased to have successfully gone through the rigorous process with IFC, AfDB, AFC, and DEG, which validates our responsible business practices.
On his part, Makhtar Diop, IFC’s managing director, said the financing package announced by IFC and its partners will also allow BUA to replace some of its diesel trucks with vehicles that are run partly on natural gas — over time, producing fewer emissions.As part of the project, he said the IFC will also advise BUA on developing a gender-inclusive workplace strategy.
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