BUA Industries Limited has secured a $200 million corporate finance facility from the African Export-Import Bank (Afreximbank) to fuel its expansion plans. The first tranche of $150 million was disbursed on 16th October 2024.
In a statement on Tuesday, BUA Chairman Abdul Samad Rabiu emphasized the crucial role of financial support in advancing Nigeria’s manufacturing and infrastructure sectors. “With Afreximbank’s backing, BUA can ramp up investments to enhance industrial capacity and meet regional demand,” he said. “Our goal is sustainable growth that strengthens Nigeria’s self-sufficiency and boosts 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, highlighted that the facility would enable BUA to expand its industrial footprint, enhancing Nigeria’s manufacturing base and export capacity. “This partnership will create jobs, promote import substitution, and diversify exports, all of which will contribute to a boost in Nigeria’s GDP,” Awani noted.
This collaboration marks a significant step in supporting Nigeria’s economic growth through increased industrial activity.
