BUA Foods Plc has unveiled plans to increase local food production and make staple foods more affordable, following shareholders’ approval of a record N504bn dividend at the company’s fifth Annual General Meeting.
The company said the next phase of its growth would include expanding its flour milling and pasta production capacities, launching a noodles business, completing its edible oils operations, and rolling out an integrated feed mill, positioning it to become Nigeria’s largest indigenous food manufacturing company next year.
Speaking at the AGM in Abuja on Wednesday, the Chairman of BUA Foods Plc, Abdul Samad Rabiu, said the expansion was driven by the need to strengthen Nigeria’s food manufacturing sector rather than simply increase the company’s size.
“By next year, when our current projects are completed, BUA will become the largest player in our sector in Nigeria. We are not pursuing growth simply for the sake of becoming bigger. We are pursuing growth because scale matters in an industry like ours,” he said.
Shareholders approved all resolutions presented at the meeting, including the payment of a final dividend of N28 per ordinary share, amounting to N504bn, alongside the audited financial statements for the year ended December 31, 2025, the re-election of retiring directors and other statutory resolutions.
Rabiu said BUA Foods had a responsibility that extended beyond delivering returns to shareholders, noting that the company also had a role to play in supporting Nigeria’s industrial development.
“While we are proud of our financial performance, we recognise that we operate in an industry that plays an important role in the development of our country. We therefore have a responsibility not only to create value for shareholders, but also to help build a stronger, more competitive industry that contributes to Nigeria’s long-term growth,” he said.
