The African Export-Import Bank (Afreximbank) has approved a $200 million corporate finance facility in favor of BUA Industries Limited to support its expansion plans.
BUA is a Nigerian conglomerate whose business spans sugar and cement manufacturing, flour milling, oil milling, port logistics, real estate development, oil and gas as well as shipping.
A statement made available to THISDAY yesterday said the first tranche of $150 million was disbursed on October 16, 2024.
Speaking on the transaction, the Chairman of BUA, Abdul Samad Rabiu, said the $200 million corporate finance facility from Afrexim Bank is part of BUA's commitment to the industrialization of Nigeria's manufacturing, infrastructure and energy sector for local use and export. An important step in.
He said: “With the support of Afreximbank, BUA can increase investment to strengthen industrial capacity and meet regional demand. Our goal is sustainable development that promotes Nigeria's self-reliance and Africa's global business presence, creating jobs and building economic resilience.
Commenting on the transaction, the Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, Mrs. Kanayo Awani, said the facility will provide significant financial support to the leading Nigerian group.
According to him, as the company moves forward with its expansion plans, it will significantly enhance the country's industrial base and Nigeria's export manufacturing capacity.
“We are delighted with this partnership, which promises to make a significant impact through job creation, import substitution and export diversification – thereby boosting Nigeria’s Gross Domestic Product (GDP),” Awani said.
Over the past decade, BUA said it has strengthened its reputation as one of Africa's fastest growing and reputable companies with business interests in key sectors of the African economy.
With its headquarters in Lagos, Nigeria, BUA said it has expanded its business operations over the past few years to take advantage of the African Continental Free Trade Area (AfCTA) through exports.
Emmanuel Adeh
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