BUA Industries Secures $200 Million Facility from Afreximbank to Fuel Expansion Plans
BUA Industries Limited has received a major financial boost with the approval of a $200 million corporate finance facility from the African Export-Import Bank (Afreximbank) to support its expansion initiatives.
The first tranche of the facility, amounting to $150 million, was disbursed on 16 October 2024.
In a statement following the approval, BUA Chairman Abdul Samad Rabiu emphasized the critical role of financial support in advancing the company’s mission to enhance Nigeria’s manufacturing and infrastructure sectors. He said, “With Afreximbank’s partnership, BUA is poised to increase its investments, strengthening industrial capacity and meeting the growing demand across the region. Our goal is to achieve sustainable growth that not only boosts Nigeria’s self-sufficiency but also enhances Africa’s presence in global trade, creating jobs and contributing to economic resilience.”
Kanayo Awani, Afreximbank’s Executive Vice President for Intra-Africa Trade and Export Development, expressed optimism about the partnership. She noted that the funding will allow BUA to expand its industrial footprint, thus supporting the growth of Nigeria’s manufacturing sector and its export capacity. “This collaboration is a major step toward job creation, import substitution, and export diversification, all of which will contribute to boosting Nigeria’s GDP,” Awani added.
The financial facility underscores both Afreximbank’s commitment to promoting intra-Africa trade and BUA’s ambitions to become a key player in strengthening Africa’s industrial and economic landscape.
About The Author
