IFC has made a $500 million investment in BUA. The International Investors Group (IFC) has announced a $500 million investment, the largest...

 IFC has made a $500 million investment in BUA.

The International Investors Group (IFC) has announced a $500 million investment, the largest investment in Nigeria's northern region, to support and assist the BUA company in expanding its operations in the supply of cement and in the construction of new facilities that will create 12 000 jobs nearby.

The World Bank Group firm said the move will allow BUA to develop its cement production in Sokoto and generate electricity using solar power. The announcement was made at the gathering of private sector executives in Abidjan.

According to the IFC statement, after the expansion is finished, the cement plant would produce 300 tons of cement annually, which will benefit the markets of Nigeria, Niger, and Burkina Faso.

The USD 500 million investment will be made up of USD 160 million from IFC, USD 94.5 million in loan proceeds from MCPP, and USD 245 million from a number of organizations, including the African Development Bank (AfDB), which contributed USD 100 million, AFC, which contributed USD 100 million, and the German Investment Agency, which contributed USD 45 million.

Abdulsamad Rabi'u, the CEO of BUA, expressed his satisfaction with the 500 million dollars they received for the development of their cement firm and the provision of energy in the northern region of Nigeria.

According to Rabi'u, the infrastructural development and employment creation in Nigeria and the Sahel countries will be aided by the advancements they have made.

In addition to expressing his satisfaction, the head of the BUA company said that the choice will assist them in shifting to cleaner energy.

Mukhtar Diop, the Director General of IFC who gathered the funds to be invested in the BUAn enterprise, expressed his organization's happiness with the partnership that will grow industries, produce jobs, and advance the economy of northern Nigeria.