BUA Group, IFC in $500 million cement pact, unveil new development projects in other Africa countries
Nigeria’s BUA Group and the International Finance Corporation (IFC), yesterday, signed an agreement to develop a $500 million cement project in Northern Nigeria.
The Guardian gathered that the agreement with BUA will help to expand access to cheap and quality cement in Nigeria and export to surrounding markets like Burkina Faso. The project will be sited in Sokoto State.
Speaking at the ceremony, which took place on the sidelines of Africa CEO Forum, in Abidjan, Cote d’Ivoire, IFC Managing Director, Makhtar Diop, said the high-level projects will help in providing cement for the housing sector in a way sustainable way.
He noted that construction and housing provision consistute the biggest challenge in Africa, adding that through the initiative will bring to core more economic development to Nigeria.
The Executive Chairman/CEO, BUA Group, Abdul Samad Rabiu, said the partnership is a huge milestone, having gone through the rigorous process to secure the fund.
He said the project will engender positive impact for the community, further boost Nigeria’s cement production capacity and exportation of the product to neighbouring countries.
Other arrangements signed include China’s Fosun Pharmaceuticals project to support stronger health delivery in West Africa, a project with Cote d’Ivoire’s government to increase the availability of affordable housing in the country, and a project with the Dembesh Hotel in Juba, South Sudan to support the country’s small but growing business tourism sector.