BUA Secures $200 Million Afreximbank Facility for Expansion

BUA Secures $200 Million Afreximbank Facility for Expansion

By Fly Cable News

BUA Industries Limited has received a major financial boost, with the African Export-Import Bank (Afreximbank) approving a $200 million corporate finance facility to support the company’s growth ambitions. The first tranche of $150 million was disbursed on October 16, 2024.

In a statement shared with our correspondent on Tuesday, BUA Chairman Abdulsamad Rabiu emphasized the crucial role of financial support in advancing the company’s efforts to enhance Nigeria’s manufacturing and infrastructure sectors.

“With Afreximbank’s backing, BUA will be able to ramp up investments to strengthen industrial capacity and meet growing regional demand,” said Rabiu.

“Our objective is sustainable growth that not only boosts Nigeria’s self-sufficiency but also increases Africa’s global trade presence, creating jobs and fostering economic resilience.”

Kanayo Awani, Afreximbank’s Executive Vice President for Intra-Africa Trade and Export Development, highlighted that the facility would enable BUA to expand its industrial operations, enhancing Nigeria’s manufacturing capabilities and export potential.

“We are excited about this partnership, which will have a significant impact by creating jobs, substituting imports, and diversifying exports—ultimately contributing to a boost in Nigeria’s GDP,” Awani noted.