BUA secures $200m Afreximbank facility for expansion

BUA Industries Limited has secured a significant financial boost for its expansion, as the African Export-Import Bank approved a $200 million corporate finance facility to support the company’s growth plans.

The first tranche of $150 million was disbursed on 16 October 2024.

Speaking on the partnership in a statement made available to our correspondent on Tuesday, BUA Chairman Abdul Samad Rabiu highlighted the importance of financial backing in advancing the company’s mission to strengthen Nigeria’s manufacturing and infrastructure sectors.

He said, “With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand.

“Our goal is sustainable growth that boosts Nigeria’s self-sufficiency and Africa’s global trade presence, creating jobs and building economic resilience.”

Afreximbank’s Executive Vice President for Intra-Africa Trade and Export Development, Kanayo Awani, noted that the facility will enable the company to expand its industrial footprint, thereby enhancing Nigeria’s manufacturing base and export capacity.

“We are delighted at this partnership, which promises to deliver significant impact through job creation, import substitution, and export diversification – all contributing to a boost in Nigeria’s GDP,” Awani stated.

All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from PUNCH.

Contact: [email protected]