BUA Cement looks to finance 6Mta expansion project

BUA Cement is in talks with US-based International Finance Corporation (IFC) to raise funds through a loan to expand its cement facility, the company said in a statement to the Nigerian stock exchange.

The funding aims to expand the capacity of the company’s integrated cement plant in Kalambaina, Sokoto, to 8Mta from 2Mta and develop other ancillary utilities.

In a recent statement, BUA Cement Chairman, Abdul Samad Rabiu, said that the ongoing projects will be completed in 2023 to increase installed capacity to 17Mta, solidifying BUA’s position in the Nigerian cement industry.

“Our aim is to invest more in the cement industry until Nigeria is self-sufficient, and cement is readily available, accessible, and affordable for all Nigerians,” Mr Rabiu stated.

On the sustainability front, the company has made significant progress on cleaner energy mix through its transition from heavy fuel oils to liquefied natural gas in its Sokoto plants, the statement added.