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BUA Foods Plc, the Lagos-based food giant majority-owned by Nigerian billionaire Abdul Samad Rabiu, is deepening its commitment to Nigeria’s sugar self-sufficiency program. The company said it is accelerating its Backward Integration Project (BIP) in line with the federal government’s extended Sugar Master Plan 2.0.
The project is designed to cut the country’s reliance on imported sugar. Rabiu, who serves as chairman, reaffirmed the plan during the company’s annual general meeting in Abuja. Shareholders also approved a dividend payout of N13 ($0.008) per share. “Despite the global and domestic challenges of 2024, including rising costs and currency pressures, we stayed focused on our strategy and delivered strong results,” Rabiu told investors.
Financial performance and expansion plans
BUA Foods market capitalization was N7.47 trillion ($4.96 billion) by the end of 2024, which was more than double the N3.48 trillion ($2.3 billion) recorded in 2023. Its share price closed at N415 ($0.3), well above the N40 ($0.02) level at its initial listing.
Revenue climbed 109 percent year-on-year to N1.53 trillion ($1 billion) in 2024, while profit rose to N265.9 billion ($176.45 million) despite higher input costs. The company’s half-year 2025 results also showed strength, with revenue up 36 percent to N912.5 billion ($596 million), supported by growth in sugar, flour, pasta, and rice businesses.
Rabiu said BUA is investing heavily in new capacity. “In 2025, we are moving forward with four new state-of-the-art wheat milling factories. Once completed, our capacity will increase from 1.5 million metric tons per annum to 2.5 million,” he said. “This will not only strengthen our manufacturing base but also create new jobs.”
Sugar and rice projects
The company has expanded sugarcane plantations in key agricultural zones and continues to invest in the Paddy Rice Project it launched in 2023. Rabiu said these efforts are aimed at boosting local output, empowering farmers, and supporting food security.
Managing Director Ayodele Abioye added that the sugar BIP remains “a central part of our long-term strategy to secure raw sugar supply, reduce import dependence, and support the government’s national development agenda.” Looking ahead, he said the company will continue to invest in product innovation and strengthen distribution channels to keep prices affordable for consumers.
Market standing
BUA Foods’ operations span sugar refining, flour, pasta, rice, and edible oils. With Rabiu and his son, Isyaku Naziru Rabiu, holding a combined 94.25 percent stake, BUA Foods has become the most valuable company on the Nigerian Exchange. Its market value crossed N10 trillion ($7.05 billion) in 2025, surpassing Dangote Cement and MTN Nigeria.
