One of Nigeria’s leading cement manufacturing companies, BUA Cement has secured a $500 million loan from the International Finance Corporation (IFC), a member of the World Bank Group. The loan is intended to support BUA Cement’s ambitious expansion plans for its integrated cement plants across the country.
With an increasing demand for cement in Nigeria and the wider African region, BUA Cement has emerged as one of the key player in the industry. The company’s commitment to excellence, innovation, and sustainability has propelled its growth and earned it a solid reputation. This loan from the IFC further strengthens BUA Cement’s position and sets the stage for its continued success.
The $500 million loan will be utilized to expand BUA Cement’s existing integrated cement plants. These plants employ advanced technologies and have a combined production capacity of over 8 million metric tonnes per annum. By expanding these facilities, BUA Cement aims to meet the growing demand for cement and contribute to Nigeria’s infrastructure development agenda..
The expansion of BUA Cement’s integrated cement plants will have a positive impact on Nigeria’s economy and the cement industry as a whole. By increasing production capacity, the company will create job opportunities and stimulate economic growth. The construction sector, in particular, will benefit from a consistent and reliable supply of cement, supporting the realization of infrastructure projects and driving forward Nigeria’s development agenda.
Abdul Samad Rabiu, the Founder and Executive Chairman of BUA Cement, expressed his gratitude for the IFC’s support and emphasized the company’s dedication to sustainable development. He stated, “This loan facility will enable us to expand our cement plants and boost our capacity to support Nigeria’s infrastructure development, while doing so in a sustainable and responsible manner. We remain committed to meeting the nation’s growing cement demand and improving the quality of lives for Nigerians.”
The IFC’s decision to provide such a substantial loan to BUA Cement reflects its confidence in the company’s vision, track record, and management team. It also showcases the IFC’s commitment to promoting private sector growth and sustainable development in Nigeria and the African continent as a whole.
As BUA Cement embarks on this expansion journey, it is expected to strengthen its market position, meet the growing demand for cement, and contribute significantly to Nigeria’s economic development. With the IFC’s support and its own commitment to excellence, BUA Cement is poised to make a lasting impact on the cement industry and play a pivotal role in shaping Nigeria’s infrastructure landscape for years to come.