Afreximbank approves $200m facility for BUA to support expansion plans

The African Export-Import Bank (Afreximbank) has approved a $200 million Corporate Finance Facility for BUA Industries Limited to support its expansion plans.

BUA disclosed this in a statement made available to The Star on Tuesday, November 12, 2024.

The company noted that the first tranche of $150 million was disbursed on October 16.

Speaking on the transaction, the BUA Chairman, Abdul Samad Rabiu, described the $200 million corporate finance facility from Afreximbank as a crucial step in BUA’s commitment to industrialising Nigeria’s manufacturing, infrastructure, and energy sector for local use and export.

Rabiu said: “With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand.

BUA Foods records N1.07trn revenue, N333.82bn profit in 9 months

“Our goal is sustainable growth that boosts Nigeria’s self-sufficiency and Africa’s global trade presence, creating jobs and building economic resilience.”

Also speaking, the Executive Vice President of the Intra Africa Trade and Export Development, Afreximbank, 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 said.

BUA is a Nigerian conglomerate with diversified business interests spanning sugar and cement manufacturing, flour milling, oil milling, port logistics, real estate development, oil and gas, and shipping.

The Star