Business
BUA Foods expanding milling capacity by 3,200 tonnes
BUA Foods Plc Chairman, Abdul Samad Rabiu, said, “This partnership with IMAS is a testament to our dedication to improving food security in
BUA Foods Plc has signed an agreement with a Turkish flour milling equipment manufacturer, IMAS, to build four wheat and flour milling factories with a cumulative milling capacity of 3200 tonnes per day.
The BUA Foods Director of Marketing and Corporate Communications, Adewunmi Desalu, said in a statement on Tuesday that the move was part of the company’s strategic expansion plans into new markets since its debut on the Nigerian exchange.
According to Desalu, the new factories are expected to provide enhanced manufacturing capacity and capabilities to deliver more high-quality products that will contribute towards addressing food challenges in Nigeria.
The agreement was signed during a formal ceremony on Tuesday attended by top executives from BUA Foods and IMAS.
Speaking at the signing ceremony, BUA Foods Plc Chairman, Abdul Samad Rabiu, said, “This partnership with IMAS is a testament to our dedication to improving food security in Nigeria. These new factories will significantly boost our capacity to continue to produce high-quality flour products while helping to create additional job opportunities across the country.”
“This investment is a step towards our target of increasing our share of the Nigerian flour market. The addition of four mills will enable us to produce high-quality flour thereby offering us the flexibility to address various potential flour needs.”
Vice President of IMAS, Mustafa Ozdemir, said, “We at IMAS are happy to again contribute to BUA Foods expansion drive aimed at ensuring that more people in Africa have access to affordable and healthy food.”
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Business
WEF could appoint Lagarde as its next chair, sources say
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
•European Central Bank President Christine Lagarde
The World Economic Forum could appoint Christine Lagarde as its next chair as soon as next month, four people close to the organisation told Reuters, meaning she would step down early as European Central Bank chief and trigger a wider reshuffle at the top of the ECB.Lagarde’s ECB term is scheduled to end in October 2027.
Leaving early would give European Union leaders a chance to pick a new ECB President before France’s spring presidential election, which opinion polls suggest the far-right could win, and could pave the way for a deal involving two other senior ECB roles.
The WEF’s Board of Trustees, which includes Lagarde herself, was due to meet on November 2 and could elect her as its next chair, said the people close to the organisation, who spoke on condition of anonymity due to the sensitivity of the matter.
No final decision has been taken yet, they said.
A spokesperson for the WEF said the forum could not confirm when the next full Board of Trustees meeting would take place, but that the aim was to hold one before the end of the year.
Business
Germany plans tax on sugary drinks
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
The German cabinet has approved draft legislation to tax sugary drinks in Europe’s biggest economy.
If passed by the German Bundestag, the tax will take effect on 1 July 2027.
The coalition aims to raise revenue for the federal budget while encouraging manufacturers to reduce sugar content and offer healthier products.
The levy is intended to ease pressure on the healthcare system, which faces costs of more than €2 billion every year linked to the high consumption of sugary drinks, which contributes to obesity, diabetes and tooth decay.
According to the federal government, Berlin is using the tax to implement “what associations from the fields of health, science, child protection, and consumer protection have long been demanding.”
The tax is expected to generate additional revenue for the federal government of €690 million in 2027 and €925 million in 2028.
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