Skip to main content

BUA CEMENT SECURES $500 MILLION FINANCING PACKAGE TO BOOST PRODUCTION, CREATE JOBS

 BUA Cement Plc, Nigeria's second-largest cement producer, has secured a $500 million financing package from the International Finance Corporation (IFC), the African Development Bank (AfDB), the Africa Finance Corporation (AFC), and DEG, the German development finance institution.

The facility will be used to part-finance the construction of two new, energy-efficient cement production lines at BUA's Cement Company of Northern Nigeria (CCNN) plant in Sokoto State. The new lines are expected to increase CCNN's production capacity by 3 million tonnes per annum, bringing the company's total capacity to 12 million tonnes per annum.

The investment is expected to create up to 12,000 direct and indirect jobs during the construction phase and 3,000 permanent jobs once the new lines are operational. It is also expected to boost Nigeria's cement production capacity and help to reduce the country's dependence on imports.

Speaking on the development, Abdul Samad Rabiu, Chairman of BUA Group, said: "We are delighted to partner with IFC, AfDB, AFC, and DEG to secure this $500 million facility. This investment will help us to expand our production capacity, create jobs, and contribute to the economic development of Nigeria."

Marta Andreasen, IFC's Managing Director for Africa, said: "This investment is a vote of confidence in Nigeria's economic prospects and BUA's commitment to sustainable development. It will help to create jobs, boost economic growth, and reduce Nigeria's reliance on imports."

The financing package is structured as a combination of senior debt and mezzanine finance. The senior debt is provided by IFC, AfDB, and AFC, while DEG is providing the mezzanine finance. The facility has a tenor of 10 years and a grace period of 3 years.

The construction of the new lines is expected to commence in the second quarter of 2023 and be completed in the first quarter of 2025.


Comments

Post a Comment

Popular posts from this blog

Pastor W.F. Kumuyi Pioneers AI for the Gospel with "Ask Kumuyi AI" App

 Pastor W.F. Kumuyi Pioneers AI for the Gospel with "Ask Kumuyi AI" App Pastor W.F. Kumuyi, renowned for his leadership and teachings, is now at the forefront of leveraging Artificial Intelligence (AI) for spreading the Gospel. The newly launched Ask Kumuyi AI app, availab le at [askkumuyi.ai] (https://askkumuyi.ai/), features ,138 languages and integrates with WhatsApp, allowing users to access over 5,000 teachings from Dr. Kumuyi’s extensive Bible-based messages. This innovative platform, launched during the Leadership Strategy Congress at DLICC, is set to create a lasting legacy in the digital evangelism space. The app aims to bring the Word of God to a global audience, making Dr. Kumuyi’s teachings more accessible than ever before. In the coming days, the app will include exciting new features, including voice command capabilities, further enhancing the user experience. As the world increasingly faces technological challenges, Ask Kumuyi AI stands as a powerful reminder t...
Post a Comment
Read more

UNICEF Raises Alarm Over Diphtheria Outbreak in Nigeria, Urges Widespread Vaccination

UNICEF Nigeria has sounded the alarm over a diphtheria outbreak in the country that has claimed over 453 lives and led to more than 11,500 suspected cases, with over 7,000 confirmed cases, primarily affecting children. In a press statement signed by Dr. Rownak Khan, the UNICEF Nigeria Representative, the organization highlighted the pressing need for widespread vaccination to combat the outbreak effectively. To respond to this crisis, UNICEF Nigeria urgently requires an additional $3.3 million in funding by year-end. The statement emphasized that the majority of cases involve children aged between 4 and 15 years who have not received even a single dose of the essential vaccine, underscoring the critical need for comprehensive vaccination efforts in Nigeria. UNICEF is actively supporting the Nigerian government's response to the outbreak, with a key component being the procurement of vaccines. To date, UNICEF has supplied 9.3 million doses of diphtheria vaccines to affected states, ...
Post a Comment
Read more

ILGM Tech Report: Google I/O 2025 – 13 Groundbreaking AI Features You Need to Know

 ILGM Tech Report: Google I/O 2025 – A New Era of AI Unveiled At Google I/O 2025, held on May 20–21 at the Shoreline Amphitheatre in Mountain View, California, Google showcased a series of groundbreaking AI advancements, signaling a transformative shift in technology. From real-time visual interactions to sophisticated creative tools, here's an in-depth look at the 13 most remarkable AI features introduced: --- 🎥 Gemini Live: Real-Time Visual Interaction Gemini Live introduces the ability to interact with AI through your device's camera. By pointing your camera at any object, Gemini can provide real-time information and context, enhancing the way users engage with their surroundings.  --- 🖼️ Imagen 4: Advanced Image Generation Building upon its predecessors, Imagen 4 offers enhanced photorealistic image generation. It excels in rendering intricate details such as water, fabrics, and animal textures, pushing the boundaries of what's possible in AI-generated imagery.  ---...
Post a Comment
Read more