The International Finance Corporation (IFC), a member of the World Bank Group, has announced a $500 million investment in BUA Cement Plc, marking the largest-ever investment in northern Nigeria.

The funding will assist BUA Cement in the development of two additional cement manufacturing lines in Sokoto state, with the aim of creating 12,000 direct and indirect jobs.

The financing package includes a $160.5 million loan from IFC, a $94.5 million loan through the managed co-lending portfolio program, and $245 million in parallel loans from syndication partners.

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The investment is a collaborative effort, with the African Development Bank (AfDB) and the Africa Finance Corporation (AFC) each investing $100 million, and the Deutsche Investitions — und Entwicklungsgesellschaft (DEG) contributing $45 million.

The new cement production lines in Sokoto state will utilize alternative fuels derived from waste and solar power, aiming for an annual production capacity of three million tons of cement each.

The infrastructure development will benefit Nigeria, Niger, and Burkina Faso.

The project is expected to generate approximately 1,000 direct jobs and 10,800 indirect jobs, promoting economic growth and supporting essential infrastructure development.