BUA Industries Limited has received a major financial boost with a $200 million corporate finance facility from the African Export-Import Bank (Afreximbank) to fuel its expansion efforts.
The initial tranche, valued at $150 million, was released on October 16, 2024.
In a statement on Tuesday, BUA Chairman Abdul Samad Rabiu emphasized the crucial role of financial support in advancing the company’s vision to enhance Nigeria’s manufacturing and infrastructure sectors.
“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,” Rabiu stated.
Kanayo Awani, Afreximbank’s Executive Vice President for Intra-Africa Trade and Export Development, highlighted the anticipated impact of the facility on Nigeria’s industrial landscape.
“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,” Awani stated.
