BUA Industries Limited has received a $200m corporate finance facility from the African Export-Import Bank to accelerate its expansion, with the first $150m tranche disbursed on October 16, 2024.
In a statement, BUA Chairman Abdul Samad Rabiu underscored the importance of the financing in furthering BUA’s mission to strengthen Nigeria’s manufacturing and infrastructure.
“With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand,” Rabiu said, emphasizing the company’s commitment to sustainable growth for Nigeria’s self-sufficiency and Africa’s presence in global trade.
“Our goal is sustainable growth that boosts Nigeria’s self-sufficiency and Africa’s global trade presence, creating jobs and building economic resilience,” he added.
The expected effect on Nigeria’s economy was emphasised by the Executive Vice President for Intra-Africa Trade and Export Development at Afreximbank, Kanayo Awani.
The facility would help expand BUA’s industrial footprint and improve Nigeria’s manufacturing and export capacity.
“We are delighted at this partnership, which promises to deliver significant impact through job creation, import substitution, and export diversification—all contributing to a boost in Nigeria’s GDP,” Awani said.
