Saturday, January 28, 2023
No Result
View All Result
SUBSCRIBE
eNaira Online News
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion
eNaira Online News
No Result
View All Result

BUA Foods acquires shipping vessels for sugar export operations | The Guardian Nigeria News

by e-Naira Online News
May 11, 2022
in Companies
Reading Time: 2 mins read
A A
0
Home Companies
Share on FacebookShare on Twitter



BUA Foods has taken delivery of the first of two shipping vessels to augment its sugar export operations to the West African market, which kicked off earlier this year.

According to the firm, its export of refined sugar will benefit the economy, providing an alternative source of income, while significantly diversifying the company’s markets.

The vessels are expected to depart and berth at BUA’s port and terminal increasing export capacity while reducing operating cost.

The Mitsubishi of Japan built vessel is named MV Bundu – after the area in which the refinery is located. The vessel’s 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.

The refined sugar of high-grade quality is processed from BUA Foods’ ultra-modern sugar refinery located in Port Harcourt. This refinery with a capacity of 750,000 metric tons, is also equipped to process all grades of sugar.

“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. These new vessels will create operational efficiencies in our business and open possibilities for new services.”

With these acquisitions, BUA Foods noted that it 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,” said MD BUA Foods, Ayodele Abioye. “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”.

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.





Source link

Tags: acquiresBUAexportFoodsGuardianNewsNigeriaOperationsShippingsugarVessels
Previous Post

NGX halts 18 sessions of gains as profit-taking drags indices by N52b | The Guardian Nigeria News

Next Post

Manufacturers lower Q2 forecast over operation challenges | The Guardian Nigeria News

Related Posts

Companies

Vitafoam Plc advocates special FX window for manufacturing sector

by e-Naira Online News
January 28, 2023
Companies

CAP full year PBT rises by 79% to N3.1bn

by e-Naira Online News
January 27, 2023
Companies

Nigeria, others to meet over development in oil sector | The Guardian Nigeria News

by e-Naira Online News
January 27, 2023
Companies

NGX CEO says to strengthen partnerships, digital transformation, sustainability

by e-Naira Online News
January 26, 2023
Companies

UK Government cuts tariffs on Nigerian exports

by e-Naira Online News
January 26, 2023
Next Post

Manufacturers lower Q2 forecast over operation challenges | The Guardian Nigeria News

BUA Foods boosts Nigeria sugar exports with own vessel acquisition – Businessamlive

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

  • Trending
  • Comments
  • Latest

Currency Swap Will Stabilise, Strengthen Economy—Buhari

January 28, 2023

Three die in fresh US shooting

January 28, 2023

Moody’s downgrades Nigeria’s currency and debts ratings to Caa1, cites Ways and Means

January 28, 2023

Why it’s a bad idea to bet against the Crypto market right now

January 28, 2023

The Importance Of Business Continuity Planning

January 28, 2023

Oduwacoin, Other Crypto That Cost Less Than $1

January 28, 2023

Debts upon debts! Supreme Court rules against Honeywell Flour, as firm struggles with N67.02bn loans

January 28, 2023

Sao Paolo Introduces Blockchain in Data Access Law – Regulation Bitcoin News

January 28, 2023

Get the free newsletter

eNaira Online News

Get the latest news and follow the coverage of eNaira, Business & Financial, Stock Market, Analysis, and more from the trusted sources.

CATEGORIES

  • Banking
  • Business
  • Capital Market
  • Companies
  • Crypto
  • eNaira
  • Finance
  • Opinion
  • Personal Finance
  • Real estate
  • Uncategorized
No Result
View All Result

GET THE FREE NEWSLETTER

  • Disclaimer
  • Privacy Policy
  • DMCA
  • Cookie Privacy Policy
  • Terms and Conditions
  • Contact us

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.

No Result
View All Result
  • Home
  • eNaira
  • Capital Market
  • Business
  • Finance
  • Banking
  • PF
  • Companies
  • Crypto
  • Real Estates
  • Opinion

Copyright © 2022 e-Naira Online News.
e-Naira Online News is not responsible for the content of external sites.