BUA Industries Limited has successfully secured a $200m corporate finance facility from the African Export-Import Bank (Afreximbank) to support its expansion efforts.
The first tranche of $150m was disbursed on October 16, 2024.
In a statement, BUA Chairman Abdul Samad Rabiu emphasized the critical role of financial backing in driving the company’s growth strategy, particularly in strengthening Nigeria’s manufacturing and infrastructure sectors.
He noted that Afreximbank’s support would enable BUA to ramp up investments, enhance industrial capacity, and meet the growing demand in regional markets.
Rabiu expressed the company’s commitment to sustainable growth that would foster Nigeria’s self-sufficiency, improve Africa’s trade presence on the global stage, create jobs, and contribute to economic resilience.
“With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand,” he stated.
Kanayo Awani, Afreximbank’s Executive Vice President for Intra-Africa Trade and Export Development, also weighed in on the partnership, describing it as an important step in enhancing Nigeria’s manufacturing and export capabilities.
“This facility will enable BUA to expand its industrial footprint, creating job opportunities, reducing import dependency, and diversifying exports,” Awani said, highlighting the broader economic impact, including an expected boost in Nigeria’s GDP.
This partnership marks a significant move towards strengthening Nigeria’s industrial base and its position as a key player in global trade.
