African Export-Import Bank (Afreximbank) has approved a $200 million Corporate Finance Facility in favour of BUA Industries Limited to support its expansion plans.
This is according to a statement issued by the manufacturing company upon sealing the transaction in Cairo on Monday.
BUA 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.
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According to the statement, the first tranche of $150 million was disbursed to the conglomerate on October 16, 2024.
Reacting to the development, Abdul Samad Rabiu, chairman of BUA, said that the $200 million corporate finance facility from AfreximBank, marks a milestone in BUA’s commitment to industrialising Nigeria’s manufacturing, infrastructure and energy sector for local use and export.
“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,” Rabiu said.
Highlighting the significance of the facility, Kanayo Awani, executive vice president, Intra Africa Trade and Export Development, Afreximbank, said that it would provide critical financial support for BUA to pursue its expansion plans, thereby boosting its 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).”
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Established in 1988 with its headquarters in Lagos, Nigeria, BUA has solidified its reputation as one of Africa’s fastest-growing and reputable companies that has expanded its business operations in the past few years to take advantage of the African Continental Free Trade Area through exports.
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