Thursday, February 2, 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 boosts Nigeria sugar exports with own vessel acquisition – Businessamlive

by e-Naira Online News
May 11, 2022
in Companies
Reading Time: 3 mins read
A A
0
Home Companies
Share on FacebookShare on Twitter


BY ONOME AMUGE

The acquisition of a vessel by Nigeria’s BUA Foods, one of Africa’s leading fast-moving consumer goods (FMCG) companies, the first of two it has planned, is expected to raise the company’s sugar export operations in West Africa and boost the country’s capacity to earn foreign exchange, it has emerged.

The company’s export drive commenced earlier this year and it has its eyes set on the West African market in the export push.

According to the leading consumer goods firm by market value, the Mitsubishi of Japan built vessel named “MV Bundu”, which was built in 2003, has a cargo capacity suited to enhance quick and sustainable delivery of more refined sugar in the face of growing export demand from across the African region.

Abdul Samad Rabiu, chairman BUA Foods Plc

The vessel, set to depart and berth at BUA’s port and terminal, is expected to increase BUA’s export capacity, particularly sugar, reduce operating cost, provide alternative sources of income, while significantly diversifying the company’s markets.

The refined sugar of high-grade quality is processed from BUA Foods’ ultra-modern sugar refinery located in Port Harcourt, equipped with a capacity of 750,000 metric tonnes, and designed to process all grades of sugar, augment its export of refined sugar and ultimately benefit the country in terms of revenue contribution to the economy.

Speaking on the development, Abdul Samad Rabiu, chairman BUA Foods Plc, said owning a shipping vessel is an important step in the company’s food production strategy as it drives its business for growth with focus on sustainable returns, benefit to all its stakeholders and the Nigerian economy.

The new vessels, he explained, will create operational efficiencies in BUA’s business and open possibilities for new services.

“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,” Rabiu stated.

With these acquisitions, BUA Foods said it is well positioned to take advantage of the African Continental Free Trade Agreement (AfCFTA), considering its investments in the food sector over the years.

Ayodele Abioye, managing director, BUA Foods, in his remark, emphasised that owning a vessel to export sugar is a crucial enabler of flexibility and agility in the company’s total supply chain as it allows its customers to tackle time-critical fulfilment challenges due to timely availability of goods.

“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,” Abioye added.

To further strengthen its export drive, the company stated that 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: acquisitionboostsBUABusinessamliveexportsFoodsNigeriasugarVessel
Previous Post

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

Next Post

Lagos Identifies 10 Structures For Demolition To Clear Lagos Of Troubled Buildings

Related Posts

Companies

Friesland Campina reconnects to Ikeja Electric 22 years after — Business — The Guardian Nigeria News – Nigeria and World News

by e-Naira Online News
February 1, 2023
Companies

Nigeria’s automotive industry records $1 billion investment in 2022 -FG

by e-Naira Online News
January 31, 2023
Companies

Flour Mills hits N1.1trn turnover in Q3

by e-Naira Online News
January 31, 2023
Companies

How rising input cost trimmed Cadbury’s profit margin in 2022 –

by e-Naira Online News
January 31, 2023
Companies

10 banks with highest account maintenance revenue in 2022 –

by e-Naira Online News
January 30, 2023
Next Post

Lagos Identifies 10 Structures For Demolition To Clear Lagos Of Troubled Buildings

Co-Ownership: The Pros And The Cons

Leave a Reply Cancel reply

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

  • Trending
  • Comments
  • Latest

British American Tobacco earns alliance for Water Stew — Opinion — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Crypto Bank Custodia Denied Membership in US Federal Reserve System – Finance Bitcoin News

January 29, 2023

Vitafoam Plc advocates special FX window for manufacturing sector

January 28, 2023

NIMASA plots CVFF disbursement strategy with banks — Business — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

NGX CEO says to strengthen partnerships, digital transformation, sustainability

January 26, 2023

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

January 27, 2023

UNCTAD, Islamic Development Bank unite over sustainable investment — Business — The Guardian Nigeria News – Nigeria and World News

January 29, 2023

Guinness grows half year gross profit by 16%

January 27, 2023

Two Stocks Trigger 0.05% Loss At Unlisted Stock Exchange

February 2, 2023

Tinubu distancing self from APC’s failure —Atiku’s aide

February 2, 2023

Why rail sector remains moribund, has no profit in 59 years | The Guardian Nigeria News

February 2, 2023

Nigerian universities and the noise of advancing ideas

February 2, 2023

Moody’s downgrades Nigerian banks’ rating

February 1, 2023

8 Black Financial Influencers You Ought to Follow

February 1, 2023

Federal Reserve Raises Benchmark Interest Rate by 0.25%, Disinflationary Process ‘Early,’ Says Powell  – Economics Bitcoin News

February 1, 2023

Geregu Power reports 51% drop in annual profit, proposes N20 billion dividend

February 1, 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.