BUA Industries Limited has secured US$200 million Corporate Finance Facility from the African Export-Import Bank (Afreximbank) to boost its expansion plans.
In a statement, Afreximbank said that the first tranche of $150 million was disbursed on October 16, 2024 and the balance of $50 million disbursed yesterday, 11, November, 2024. Mrs. Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, said :
“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).”
On his part, Alhaji Abdul Samad Rabiu, Chairman of BUA Industries Limited, said that the $200 million corporate finance facility marks a crucial step in BUA’s commitment to industrializing 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,” he said.