BUA Foods Emerges as Nigeria’s Fastest-Growing Food Powerhouse with ₦1.53 Trillion Revenue in 2024
BUA Foods Plc has cemented its position as one of Nigeria’s fastest-growing consumer goods giants, earning ₦1.53 trillion in revenue and ₦266 billion in profit after tax in 2024. The company’s rise from a 2021 merger to a trillion-naira-revenue leader in just three years underscores its growing influence in Nigeria’s food sector. Operating across sugar, flour, pasta, and a fast-expanding rice segment, BUA Foods has become a central player in Nigeria’s food security agenda.
The company’s Flour division emerged as its biggest revenue driver, generating ₦233.9 billion in 2024—more than double the previous year’s ₦104.3 billion. Its Sugar division followed closely with ₦735.4 billion in sales, while the Pasta segment more than doubled turnover to ₦541.5 billion. The “Others” category, which includes rice and edible oils, delivered a breakout performance, with revenue soaring to ₦16.9 billion from just ₦2.1 billion a year earlier. These results reflect BUA Foods’ successful diversification strategy and its ability to meet rising demand for essential food products.
The company’s profitability remains robust, with cash flow from operations reaching ₦504.8 billion in 2024. Of this, ₦31.5 billion was reinvested in expanding its production facilities—particularly in flour and pasta—while ₦624.2 billion was allocated to dividends and debt servicing. Investors benefited from a ₦13 per share dividend, up from ₦5.50 in 2023, signaling strong shareholder returns amid Nigeria’s volatile economy.
BUA Foods’ integrated business model gives it a distinct edge in an industry dominated by competitors like Dangote Sugar Refinery and Flour Mills of Nigeria. Its nationwide production network—from Lagos to Port Harcourt and Kano—ensures efficiency, cost savings, and consistent product availability. The company’s focus on inelastic demand staples like sugar and flour shields it from the economic uncertainty that affects discretionary goods.
With a market capitalization of ₦7.4 trillion and a growing portfolio in rice and edible oils, BUA Foods is positioning itself as a cornerstone of Nigeria’s drive for food self-sufficiency. Its continued investment in core segments and expansion into high-growth packaged foods highlight a clear trajectory: BUA Foods is not just feeding Nigeria—it’s powering the country’s economic resilience through scale, innovation, and stability.
source: Nairametrics