African Export-Import Bank (Afreximbank) has approved a $200 million Corporate Finance Facility in favour of BUA Industries Limited to support its expansion plans.
BUA is a Nigerian conglomerate with diversified business interest spanning across, sugar and cement manufacturing, flour milling, oil milling, port logistics, real estate development, oil and gas as well as shipping.
The first tranche of $150 million was disbursed on October 16, 2024, a statement made available to THISDAY, said yesterday.
Speaking on the transaction, Chairman of BUA, Abdul Samad Rabiu, said that the $200 million corporate finance facility from Afrexim Bank, marked a crucial step in BUA’s commitment to industrialising Nigeria’s manufacturing, infrastructure and energy sector for local use and export.
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.”
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.
Over the past decade, BUA said it had solidified its reputation as one of Africa’s fastest-growing and reputable companies with business interests spanning critical sectors of the African economy.
With its headquarters in Lagos, Nigeria, BUA said it has expanded its business operations in the past few years to take advantage of the African Continental Free Trade Area (AfCTA) through exports.
Emmanuel Addeh
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