BUA Foods Plc, the Lagos-based food giant majority-owned by Nigerian billionaire Abdul Samad Rabiu, is deepening its commitment to Nigerias sugar self-sufficiency program. The company said it is accelerating its Backward Integration Project BIP in line with the federal governments extended Sugar Master Plan 2.0.
The project is designed to cut the countrys reliance on imported sugar. Rabiu, who serves as chairman, reaffirmed the plan during the companys annual general meeting in Abuja. Shareholders also approved a dividend payout of N13 0.008 per share. Despite the global and domestic challenges of 2024, including rising costs and currency pressures, we stayed focused on our strategy and delivered strong results, Rabiu told investors.
Financial performance and expansion plans