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Afreximbank Approves $200 Million for BUA Industries, Aims to Drive Nigerian Industrial Growth
Afreximbank Approves $200 Million: African Export-Import Bank (Afreximbank) has approved a US$200 million Corporate Finance Facility in favour of BUA Industries Limited (BIL) to support its expansion plans.
The bank disclosed this in a statement, noting that the first tranche of $150 million was disbursed on October 16, 2024.
Afreximbank Approves $200 Million
BIL is a Nigerian conglomerate with diversified business interests spanning across sugar and cement manufacturing, flour milling, oil milling, port logistics, real estate development, oil and gas, and shipping.
The first tranche of $150 million was disbursed on October 16, 2024.
Alhaji Abdul Samad Rabiu, CFR, CON, Chairman of BUA Industries Limited, stated that the $200 million corporate finance facility represents a significant milestone in BUA’s commitment to advancing Nigeria’s manufacturing, infrastructure, and energy sectors for both local consumption and export.
BUA Foods Plc’s expansion projects are expected to intensify competition in the pasta production market, where major players like Flour Mills of Nigeria Plc and Dangote Foods are all competing for market share.
Afreximbank Approval To Drive Nigerian Industrial Growth
Abdul Samad said: “Afreximbank Approves $200 Million. 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.”
Also commenting on the transaction, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, Mrs. Kanayo Awani, said that the facility would provide critical financial support to the leading Nigerian conglomerate.
According to her, as the company pursues its expansion plans, it will significantly boost the country’s industrial base and Nigeria’s export manufacturing capacity.
We are delighted at this partnership, which promises to deliver significant impact through job creation, import substitution, and export diversification – thereby boosting Nigeria’s Gross Domestic Product (GDP),” Awani stated.
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