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 interests spanning across sugar and cement manufacturing, flour milling, oil milling, port logistics, real estate development, oil and gas, and shipping.
The first tranche of $150 million was disbursed on October 16, 2024.
The company is currently constructing a 200,000 barrels per day capacity refinery in Akwa Ibom.
Speaking on the transaction, Chairman of the company, Abdul Samad Rabiu, said that the $200 million corporate finance facility from AfreximBank, marks a crucial step in BUA’s commitment to industrialisingNigeria’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,” he said
Commenting on the transaction, Mrs. Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, said that the facility would provide critical financial support to a leading Nigerian conglomerate as it pursues 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).”
Also Read: BUA Cement records 27.4% revenue growth of N460bn despite N70bn FX loss
Over the past decade, BUA has 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 has expanded its business operations in the past few years to take advantage of the African Continental Free Trade Area through exports.
