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IFC and Partners Support BUA with $500 Million Facility to Boost Industrialization, Create Jobs, in Northern Nigeria and the Sahel



BUA Group’s logo

Abidjan, Côte d’Ivoire, June 5, 2023 — IFC today made its largest-ever investment in northern Nigeria, providing a financing package alongside African and European partners to BUA Cement Plc to help the company part-finance and develop two new, energy-efficient cement production lines that will create up to 12,000 direct and indirect jobs.

IFC’s $500 million financing package includes a $160.5 million loan from IFC’s own account, a $94.5 million loan through the Managed Co-Lending Portfolio Program (MCPP), and $245 million in parallel loans from syndication partners; the African Development Bank (AfDB) – $100 million, the Africa Finance Corporation (AFC) – $100 million, and the German Investment Corporation, Deutsche Investitions- und Entwicklungsgesellschaft (DEG) – $45 million.

The financing, announced during the Africa CEO Forum in Abidjan, Cote d’Ivoire, will allow BUA, Nigeria’s second largest cement producer, to develop new production lines in northern Nigeria’s Sokoto State. The plants will run partly on alternative fuels derived from waste and solar power. Each will produce about three million tons of cement annually when complete, serving markets in Nigeria, Niger, and Burkina Faso.

Investing in northern Nigeria is integral to IFC’s strategy to promote sustainable development in underserved regions. This includes areas with limited opportunities and a need for increased private sector engagement. The new plants will provide local developers with a reliable and affordable source of cement, and bolster the construction of essential infrastructure, fostering economic growth and prosperity for the region.

The project is expected to create about 1,000 direct jobs and 10,800 indirect jobs. Direct jobs include those in manufacturing, engineering, and advanced automation systems. Indirect jobs include those in the cleaning, maintenance, mining, and transportation sectors.

“BUA is delighted to partner with IFC and other esteemed institutions in securing this $500 million facility to develop energy-efficient cement production capacity and strengthen our equipment and logistics capabilities in northern Nigeria. In line with our commitment to sustainability and ESG principles, this investment will create jobs and contribute to economic and infrastructural development within Nigeria and the greater Sahel region. We are particularly pleased to have successfully gone through the rigorous process with IFC, AfDB, AFC, and DEG, which validates our responsible business practices. By focusing on greener fuels and enhancing our equipment and logistics platform, BUA Cement is building a foundation for sustainable infrastructure growth and a more inclusive society,” said Abdul Samad Rabiu, Chairman and Founder of BUA Group.

“We are pleased to join with our partners to support BUA with an investment that will boost industrialization, create jobs and deliver economic growth in northern Nigeria, a region with significant economic potential,” said Makhtar Diop, IFC’s Managing Director.

The financing package announced by IFC and its partners will also allow BUA to replace some of its diesel trucks with vehicles that are run partly on natural gas, over time producing fewer emissions. As part of the project, IFC will also advise BUA on developing a gender inclusive workplace strategy that creates more opportunities for women across its operations.

“Following an initial $200 million investment in BUA Group in 2021, we are proud to play another key role in this landmark manufacturing project set to transform the construction sector in northern Nigeria and the entire country. By investing in this project, we are sustainably building Nigeria’s local manufacturing capacity, empowering local communities and creating employment opportunities. AFC is committed to working with our partners to accelerate development impact through infrastructure solutions that support value addition, industrialization, and job creation throughout Africa,” said Samaila Zubairu, CEO & President of Africa Finance Corporation (AFC).

“The African Development Bank is pleased to be partnering with IFC and BUA on this expansion project as it is aligned with our priority strategies of industrializing Africa and improving the quality of lives of Africans through the increase in cement production which will lead to the development of additional affordable housing and critical infrastructure in Nigeria and neighboring West African countries, while supporting the use of cleaner energy at BUA’s Sokoto facility” said Solomon Quaynor, Vice President – Private Sector, Infrastructure and Industrialization of African Development Bank (AfDB).

“DEG’s mission is to be a reliable partner to private sector enterprises as drivers of development and creators of qualified jobs. We are pleased to contribute to this transaction together with our development finance partner institutions. Together we support BUA in its transformation towards a more sustainable production by implementing innovative technology. The significant reduction of CO2 emissions and the creation of decent jobs in a region with many vulnerable households are key factors for DEG’s financing,” said Gunnar Stork, Senior Director at DEG.

The investment in BUA is part of IFC’s strategy to promote diversified, inclusive growth and job creation in Nigeria, where IFC supports the manufacturing agribusiness, healthcare, infrastructure, technology, and financial services sectors. IFC has an active investment portfolio of $2.3 billion in Nigeria.


Nestlé employees mentor 12,000 students




from right to left:

Chizoba Ezirim, National Coordinator and Head of strategy at REVAMP Africa
Olurotimi Joseph Egunyomi, Principal, Estate Senior Grammar School, Ilupeju
Wassim Elhusseini, MD/CEO at Nestlé Nigeria
Ayola Feyitayo Stephen, Vice Principal, Estate Senior Grammar School, Ilupeju
Anyalechi, Founder, REVAMP Africa
Edidiong Peters, Public Affairs Specialist, Nestlé Nigeria
Bola Audu, Corporate Communications Specialist, Nestlé Nigeria

280 Nestlé Nigeria volunteers including the Managing Director and CEO, Wassim Elhusseini are mentoring 12,000 students in JSS2, SS1 and SS2 classes in twentythree public secondary schools across Nigeria. The Youth Leadership Mentoring Program aims to instill the right values, skills and attitudes requisite for success and positive personal development from an early age in children.

The program now in its second season, is a collaboration between Nestlé Nigeria and REVAMP Africa, a youth-focused non-profit organization with the vision to
revive educational values and maximize potential among young people, especially in public secondary schools.

Joy Ukpong, an SS2 student at Estate Senior Grammar School Ilupeju, Lagos State says that as a result of the mentoring session with Wassim, she has resolved that the top four values she will imbibe for her personal development and academic
success are determination, kindness, generosity and respect for others. This is the first time she has ever been in a mentoring program.
Recounting her experience, Joy said, “My classmates and I are excited to have the mentors in our classes. Today’s session on values and morality was very interesting. The mentors spoke to us about developing personal values for success in life. I am determined to live by the four values I have set for myself, both in school and outside the school. I will also put in more effort in my academics so I
can excel and achieve my dreams.”

Wassim Elhusseini, MD/CEO Nestlé Nigeria PLC said, “At Nestlé, we believe that communities cannot thrive if they fail to offer a future for younger generations. I am therefore delighted that Nestlé is collaborating with REVAMP Africa on this
initiative that prepares young people for success in life. The Youth Leadership Mentoring Program is a great opportunity to encourage children to imbibe the right values, build good character and develop leadership skills.

I am proud of the 280 Nestlé Cares volunteers who have dedicated time despite their busy schedules to mentor 12,000 children across the country over a 4-week
period. We are confident of the positive impact this initiative will make in the lives of all the mentees.”
Mr. Kelechi Anyalechi, founder, REVAMP Africa Foundation said, “We are thrilled to commence another stream of the transformative Youth Leadership Mentoring Program in collaboration with Nestlé Nigeria. The program is designed to empower and nurture the leaders of tomorrow through experiential learning.

Young people will have the opportunity to immerse themselves in real scenarios, learn from successful Nestlé Nigeria and REVAMP Africa leaders who have made a difference in various fields. This practical approach will enable them to develop the necessary skills and gain valuable insights to become young excellent
The principal of Estate Senior Grammar School, Ilupeju, Mr. Olurotimi Joseph Egunyomi said “I thank Nestlé for this mentoring program which is value adding
for the students. The opportunity to meet professionals from diverse fields will have a lasting impact on the children. We are glad that a company like this is playing a complementary role, assisting us in achieving our objective of raising
children who excel in academics and character. The students and I are looking forward to subsequent sessions.”

Through the Youth Leadership Mentoring Program, Nestlé Nigeria and REVAMP Africa are equipping young individuals across the six geopolitical zones in Nigeria, with the skills, knowledge, and confidence needed to excel in an ever-evolving world.

Nestlé Cares is the company’s employee volunteer program which provides opportunities for Nestlé employees to give back to society by offering their time, talent and resources to impact individuals and families, communities, and the

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2020 Recruitment: House of Reps queries EFCC




The Nigerian House of Representatives has queried the country’s Economic and Financial Crimes Commission for not recruiting over four hundred new staff as approved in the commission’s 2020 budget.

This was part of the resolution of the House Committee on Financial Crimes, when the Acting Chairman of the Economic and Financial Crimes Commission, EFCC, appeared before the committee for 2021 budget defence.

The Committee’s Chairman, Alh. AbdulLahi Ibrahim Dutse said the request to recruit new staff made the committee increase the 2020 personnel cost of the commission.

We observed that out of the appropriated N24.9 billion last year, N21.3 billion has been released and only N17.6b had been utilized.” The Chairman explained.

Responding, the Acting Chairman EFCC, Alhaji Mohammed Umar attributed the delay in the recruitment to the Covid-19 Pandemic.

While soliciting for more assistance to the commission, Alhaji Umar highlighted some of the challenges facing the commission which include special courts to try corruption cases.

He said “others include poor release of capital vote, under staff and security for the commission’s personnel.”

The Acting Chairman also lamented that the issue of 5% of the recoveries to be given as cost of collection to the commission had not been approved.

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Mega Awareness 2023