The board of BUA Cement Plc, on Monday announced plans to obtain a loan needed to increase the capacity of its integrated cement plant in Kalambaina, Sokoto State, Nigeria.

In a notice to shareholders and the investing public, through the Nigerian Exchange Limited by Hauwa Garba Satomi, its Deputy Company Secretary, the company said the loan will be used to increase the plant’s capacity from two million tons per annum (MTPA) to 8.0 MTPA and the development of other ancillary utilities (the Expansion Project).

Already, the statement said discussions in this regard are ongoing with “the International Finance Corporation (IFC), serving as lead arranger in conjunction with a number of other lenders in a syndication pool, to obtain a loan for the expansion.”