BUA Industries Limited has received a significant financial boost for its expansion plans, courtesy of a $200 million corporate finance facility approved by the African Export-Import Bank (Afreximbank).
Key Highlights:
- First tranche of $150 million disbursed on October 16, 2024
- Facility to support BUA’s growth plans and strengthen Nigeria’s manufacturing and infrastructure sectors
- Partnership aims to enhance industrial capacity, meet regional demand, and boost Nigeria’s self-sufficiency
Comments:
BUA Chairman Abdul Samad Rabiu emphasized the importance of financial backing in advancing the company’s mission, stating, “With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand, promoting sustainable growth and economic resilience.”
Afreximbank’s Executive Vice President for Intra-Africa Trade and Export Development, Kanayo Awani, noted, “This partnership will deliver significant impact through job creation, import substitution, and export diversification, contributing to a boost in Nigeria’s GDP.”
This strategic partnership is expected to propel BUA’s expansion and contribute to Nigeria’s economic growth.
