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Business News

BUA says its export-focused sugar project will create jobs and checkmate price hike

BUA Group has assured Nigerians that its export-focused sugar project in Port Harcourt will checkmate arbitrary price hike in the sugar industry.

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BUA group, NPA Decommissioning of Port Harcourt Terminal: We'll vigorously defend, protect our rights - BUA Group, NPA and BUA Group dispute to affect 1000 jobs, $500,000 monthly revenue, Terminal closure: BUA clears air on NPA’s claims , Forbes 2020 world’s richest rankings released: Only 4 Nigerians make exclusive billionaires list, BUA reacts to CACOVID, says it took initiative as members failed to reach an agreement

BUA Group, one of Nigeria’s leading manufacturing conglomerate has assured Nigerians that its sugar export-focused project in Port Harcourt, will checkmate arbitrary price hike in the sugar industry and create jobs for Nigerians.

This disclosure was contained in a letter written by Abdulsamad Rabiu, the Chairman and Founder of the BUA Group, to the Minister of Industry, Trade and investment, Niyi Adebayo.

The letter was a response to the Minister’s request for information on the status and operations of the BUA Sugar Refinery at the Bundu Free Trade Zone in Nigeria, noting that the Minister’s demand for more information was triggered by another letter jointly written by Aliko Dangote of Dangote Industries and John Coumantaros of Flour Mills Nigeria Plc.

In reaction to this, Abdulsamad explained that what BUA is doing in the Sugar Industry is legal and within the confines of the law. In line with this, the billionaire explained that the only way BUA’s export-focused project will affect Nigerians is that Nigerians will pay lower prices for sugar.

He noted that the company had spent over $250 million on the Port Harcourt project, which currently employs over 1,000 Nigerians. In line with this, any move to shut the project down or stifle its operations will cost jobs and exert pressures on the country’s economy.

According to him, the Group’s project in Port Harcourt is mainly for exports, however, the company is allowed to do so under the Nigeria Export Processing Zones Authority (NEPZA), as the NEPZA Act upon which the project is based, gives the permission to process, add value, and export at the same time.

Hence any move to tamper with the current approval of the sugar project in Bundu Free Trade Zone will have a significant economic impact capable of eroding investors’ confidence under the Export Processing Zones (EPZ).

What you should know

  • Nigeria’s sugar refining capacity had increased to 3.4 million metric tons per annum from 2.75 million metric tons per annum. This shows that the refining capacity increased from 170% over the last year’s import quota to over 210%.
  • Abdulsamad in his letter revealed that BUA remained the only company of the three dominant players (Dangote Sugar Refinery and Flour Mills), spending serious money and seeking to complete its BIP project by 2022.
  • BUA in total has three sugar holdings in Nigeria, the first one is a 720,000 mt sugar refinery in Apapa, Lagos, which commenced operation in 2008 and is covered by the Backward Implementation Programme of the National Sugar Master Plan.
  • The second is a 20.000-hectare Lafiagi Sugar Plantation and Ethanol Production Complex (Also covered by the NSMP), while the third is the export-focused sugar refinery at the Bundu Free Zone in Port-Harcourt, Rivers State.

Omokolade Ajayi is a graduate of Economics, and a certificate holder of the CFA Institute’s Investment Foundation Program. He is a business analyst, and equity market researcher, with wealth of experience as a retail investor.

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Corporate Press Releases

Applications across Nigeria, South Africa and Kenya now open for the 2021 Facebook Community Accelerator Program

The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

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Facebook

Today, Facebook is inviting community leaders from Nigeria, South Africa and Kenya to apply for the 2021 Facebook Community Accelerator Program—a program that offers participants training, mentorship and up to $50,000 USD in funds to invest in an initiative that extends their community’s positive impact.

The aim of the Community Accelerator is to help leaders of Facebook communities to harness the power of their community to turn ideas into action. The selected leaders will spend five months learning from experts, coaches and a customised curriculum so they can strengthen their community.

Lessons include community identity foundations, leading action-oriented programmes and sustainability. Participants will also receive early access to new Facebook products aimed at helping communities better manage and activate their members.

Plan an initiative

Participants will identify an important initiative that will create a positive impact on the broader world and develop a plan to mobilise their community around their goal. Initiatives will be shared with potential partners, mentors and a panel of judges for the chance to be awarded funding and receive public recognition.

Participants will then spend three months executing their initiatives. They will collaborate with advocates and leaders in the community space and work with the Facebook team to bring their ideas to life.

Says Kiran Yoliswa, Partner Management Lead, Middle East and Africa Community Partnerships at Facebook: “Facebook communities and their leaders are helping to resolve social challenges, sharing knowledge and information, while connecting with others that share their interests or passion for a cause. We’ve seen so many incredible communities from across South Africa, Kenya and Nigeria using our platform to drive change and provide support and encouragement for thousands of people, we’re excited to offer their Facebook Community leaders this program to help amplify their impact even more.”

How to apply

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This program is open to communities that have a presence in Facebook Groups with leaders who are 18 years or older. Communities must have existed for over one year and must have a minimum size of 1,000 members. Applications open today, May 4 – 31, 2021.

The Community Accelerator is part of our Facebook Community Leadership Program, a global initiative that invests in people building communities. Learn more and apply here.

You can find out more about the 2020 Community Accelerator cohort and those who received additional funding here.

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Business News

NIN registration: 54 million Nigerians have now enrolled – Buhari

12 million Nigerians were enrolled into the National Identity Database in the past 6 months.

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Buhari approves free business name registration for 250,000 SMEs, IMF, tax, rate, Buhari’s Budget of Sustaining Growth & Job Creation (Full text), Nigeria generates N1.36 trillion from corporate tax, others as oil revenue drops , Nigeria-Algeria highway gets Buhari's approval , Earnings from rich petroleum resources not enough to cater for Nigeria – Buhari , Tax: Buhari appoints Muhammad Nami as FIRS boss, Subsidy economics

President Muhammadu Buhari disclosed that the FG has enrolled 54 million Nigerians into the National Identity Database, citing that 12 million were enrolled in the past 6 months alone and that the final aim of the scheme is to secure Nigeria’s security infrastructure.

President Buhari disclosed this in a statement on Thursday evening.

What the President said about NIN enrollment

“I am pleased with the success we are recording in the enrollment of persons into the National Identification Number (NIN) database. 54 million Nigerians have now enrolled; I am told over 12 million of these within the last six months. Our goal is total coverage.

The National Identification Number (NIN) is the foundational digital ID for the country. It will cover one of the weaknesses in our security structure. We will be able to easily identify all Nigerians, including the crooks in our midst.”

The President added that both legal residents and Nigerians are expected to obtain the NIN as it would be beneficial to government agencies to utilise resources efficiently.

In case you missed it

The Federal Government announced a further extension of the ongoing National Identification Number (NIN) registration and linkage with Subscriber Identity Module (SIM) exercises to a new deadline of June 30, 2021.

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