African Export-Import Bank (Afreximbank) has approved a US$200 million Corporate Finance Facility for BUA Industries Limited to support its expansion plans.
BUA, a Nigerian conglomerate with diversified business interests in sugar and cement manufacturing, flour milling, oil milling, port logistics, real estate development, oil and gas, and shipping, received the first tranche of $150 million on October 16, 2024.
Speaking on the transaction, Abdul Samad Rabiu, CFR, CON, Chairman of BUA, said that the $200 million corporate finance facility from AfreximBank marks a crucial step 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,” he said
Commenting on the transaction, executive vice president, Intra Africa Trade and Export Development, Afreximbank, Kanayo Awani, 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),” he said.
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