By Aduragbemi Omiyale
A $200 million loan has been secured by BUA Industries Limited from the African Export-Import Bank (Afreximbank) for its expansion plans.
The Nigerian firm with interests in sugar and cement manufacturing, flour milling, oil milling, port logistics, real estate development, oil and gas, and shipping got the corporate finance facility to boost its industrial base and Nigeria’s export manufacturing capacity.
Business Post reports that BUA, which listed two of its subsidiaries, BUA Cement and BUA Foods, on the Nigerian Exchange (NGX) Limited, received the first tranche of $150 million of the loan on October 16, 2024.
The chairman of BUA, Mr Abdul Samad Rabiu, said the $200 million corporate finance facility marks a crucial step in his company’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.
The Executive Vice President for Intra Africa Trade and Export Development at Afreximbank, Mrs Kanayo Awani, said 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),” she stated.