| Project Detail |
Project Summary
Approval Date 16 Dec 2022
Sovereign / Non-Sovereign Non Sovereign
Sector Industry, Minning & Quarrying
DAC Sector Code 32110
Commitment U.A 75,140,512.76
Status Approved
Project General Description
The project involves a senior loan of up to USD 100 million to BUA Cement Plc to support the expansion of an existing cement production facility in Kalaimbaina, Sokoto State, Northern Nigeria from 2 million tons per annum to 8 million tons per annum and the installment of 120 MW natural gas power plants to replace older liquid fuel power plants.
Project Objectives
The project will help to ensure (i) Increased availability of cement to address Africas affordable housing concerns; (ii) Revenues for the Nigerian government from taxes; (iii) Boosting Nigeria’s forex reserves through forex inflows from exports; (iv) Adoption of sustainable and impactful gender strategy to promote opportunities for women; (v) Creation of direct and indirect jobs during construction and operations; (vi) Contribution to industrialization and skills development; and (vii) Reduction in GHG emissions via reduction of CO2 emissions as the Company transitions to the use of cleaner natural gas in its Sokoto plant.
Beneficiaries
The main beneficiaries are BUA Cement Plc and the Federal State Government of Nigeria. |
