Nigeria’s 2024 food crisis sparked citywide hunger protests as food inflation hit nearly 40 percent. Amid fuel hikes and a weakened naira, millions skipped meals, labeling days 010, 101, or 001. In that climate, BUA Foods rose to 35th on the FT‑Statista list of Africa’s fastest‑growing firms, surprising observers.

BUA, a $13 bn conglomerate, pushed pre‑tax profit from N107 bn in 2022 to N284 bn in 2024 while revenue tripled to N1.53 tn. The group’s breadth—rice, flour, pasta, sugar, edible oils—lets it hedge against inflation. With 4,000 staff, BUA capitalises on farmers’ insecurity and import‑heavy demand. This dominance feeds Nigeria’s 20 percent undernourishment gap and keeps the conglomerate near the top of the market.

BUA’s rise follows a 2022 split that merged its food arms into a listed entity. The company now leverages local refining and international trading to offset higher fuel costs. While smallholder farmers struggle with finance and logistics, BUA imports wheat and mills it, satisfying a market that turns to bread and pasta amid climate strain.

Abioye credits the simple truth that “everybody must eat” to BUA’s resilience. By maintaining a broad product mix and a consumer‑branding push, the firm protects its double‑digit margins. As Nigerian consumers keep buying staples, BUA’s market share grows, cementing its position as a bulwark against the country’s food insecurity.