BUA Industries Limited (BIL) on Tuesday said it secured a significant financial boost of $200m from the African Export-Import Bank (Afreximbank) to support the expansion of its corporate finance facility.
The chairman of BUA, Abdul Samad Rabiu, said the first tranche was $150m and was disbursed on 16 October 2024.
The support, Rabiu said in a statement was a crucial step in the firm’s commitment to industrialising Nigeria’s manufacturing, infrastructure, and energy sectors for local use and export.
“With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand.
“The $200m 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.
“Our goal is sustainable growth that boosts Nigeria’s self-sufficiency and Africa’s global trade presence, creating jobs and building economic resilience.”
Commenting on the transaction, Afreximbank’s Executive Vice President for Intra-Africa Trade and Export Development, Kanayo Awani, said the facility would provide essential financial support to the Nigerian conglomerate as it expands
He said, “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.”
ENDS