Nigeria’s BUA Cement has announced plans to sell a second tranche of bonds under its NGN200bn (US$525.6m) programme to finance its expansion plans, following the release of the first NGN115bn tranche last year.

Yusuf Binji, CEO, noted that the amount of the sale will depend on its funding needs but did not give an expected time for the sale.

The company plans to expand capacity in the country to 20Mta from 11Mta. "We will only export our excess capacity if the Nigerian market is not able to take up what we are producing," said the CEO. "Demand has been extremely strong in the last one year."