Nigeria, Feb. 17 -- The Managing Director of BUA Foods, Ayodele Abioye, on Wednesday revealed that the company has invested over $200 million in its integrated sugar estate project.

Mr Abioye, who disclosed this at a press briefing held in Lagos Wednesday, noted that the estate is located in Lafiagi, Kwara State.

He revealed that the company was investing in the project comprising a sugar refinery, ethanol plant and other supporting infrastructure to reduce dependence on forex-impacted raw materials.

"The bulk of our raw materials are FX-dependent, which is a major issue. As it stands today, Nigeria is yet to be an industrial agricultural producer of sugarcane, which is a major source of raw material for us.

"We still depend on other ...