Nigeria: AFC Announces $ 200 Million Facility for Completion of Sugar Factory

Africa Finance Corporation (AFC), the leading provider of infrastructure solutions in Africa, approved on December 2, 2021, a corporate facility of USD 200 million for BUA Industries Limited, a member of the BUA Group (BUA), in order to complete its sugar plant in Lafiagi, located in Kwara State in Nigeria.

According to a note made public on December 3, the proceeds will be used for the development, construction, commissioning and operation of a 20,000 hectare plantation, a 2,200,000 ton sugar factory and a 200,000-tonne-per-year sugar refinery that will process and refine white sugar.

“The facility will also have an ethanol plant that is expected to produce 25 million liters of ethanol per year and a 35 megawatt power station that will produce renewable energy from bagasse – cane tailings at sugar ”, we can read in the said note.

The project should allow the export of excess energy not consumed on the site to the national grid and will recycle most of its waste from bagasse, effluents and vinasse for energy production, irrigation and fertilizer production.

“We are delighted to partner with Africa Finance Corporation, a leading multilateral financial institution focused on infrastructure and industrial development in Africa, on our Lafiagi sugar project, which is one of the most ambitious plantation projects in Africa. sugar cane in West Africa ”, explained, Abdul Samad Rabiu, founder and executive chairman of BUA.

As a reminder, BUA Group is a world-class infrastructure, mining and manufacturing conglomerate headquartered in Nigeria with diversified investments spanning key companies, spread across African and global markets.

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