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BUA Foods hopeful of Nigeria attaining food sufficiency

By Helen Oji
19 January 2022   |   2:45 am
BUA Foods Plc yesterday expressed optimism about the country's resolve to achieve self-sufficiency in food production with the listing of its food business on the Nigerian Exchange Limited (NGX).

Acting Managing Director, BUA Foods Plc, Ayodele Abioye (left); Non-Executive Director, BUA Foods Plc, Kabiru Rabiu and Chief Executive Officer, Nigerian Exchange (NGX), Temi Popoola at the closing gong ceremony to commemorate the listing of BUA Foods Plc at the NGX in Lagos.<br />

BUA Foods Plc yesterday expressed optimism about the country’s resolve to achieve self-sufficiency in food production with the listing of its food business on the Nigerian Exchange Limited (NGX).

At the Facts Behind the Listing and Closing Gong Ceremony of the company in Lagos, the Chairman, Abdul Samad Rabiu, represented by Group Executive Director, Alhaji Kabiru Rabiu, affirmed that the nation’s food production capacity is still not enough to meet current demands.

However, he stated that with the listing of the firm’s food business on the NGX, there is hope for Nigeria in terms of building capacity for food sufficiency.

According to him, the company is currently positioning its brand to take advantage of export opportunities through strategically located plants to generate foreign exchange for the company and economy.

“Today for us is very historic and we are excited to begin the year with the listing. The population of Nigeria is over 200 million and our food production capacity is still not enough to meet current demands.

“As a listed company, BUA Group has benefited first-hand from NGX’s efforts to chart a path for the sustainable development of the Nigerian economy.

“It has, therefore, been exciting for BUA Foods to go through a similar journey and we are confident that by leveraging the collaborative approach prevalent in the market, the entire Group of companies will be equipped to increasingly deliver value to its shareholders.

“We certainly look forward to benefiting from the new opportunities that have opened up on the platform of The Exchange,” he said.

The company has experienced an upward trend in share price and market capitalisation along with trading activity, following the admission of BUA Foods’ shares on the main board of the exchange on Wednesday, January 5, 2022.

The listing of BUA Foods’ shares has added N720 billion to the market capitalisation of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.

Chief Executive Officer of NGX, Temi Popoola, commended the company for taking the bold step to join its subsidiary company, BUA Cement, as a listed company.

He said the listing of BUA Foods Plc on the exchange reaffirms the confidence that leading Nigerian corporates have in NGX as the partner of choice for raising capital and enabling sustainable growth and development.

Popoola said the milestone transaction is in line with the NGX strategic objectives to improve listings and enhance investors’ participation in the market.

In addition, he said NGX is strategically positioned to be the preferred listing and investment destination connecting Nigeria, Africa and the world.

He urged capital market players to pay closer attention to the plethora of opportunities available in the market to list securities and engage in other investments activities.