BUA Secures $200 Million Afreximbank Facility to Boost Expansion and Economic Growth

BUA Secures $200 Million Afreximbank Facility to Boost Expansion and Economic Growth

BUA Industries Limited has secured a substantial $200 million corporate finance facility from the African Export-Import Bank (Afreximbank) to drive its expansion efforts and support Nigeria’s industrial growth. The first installment, amounting to $150 million, was disbursed on October 16, 2024.

In a statement, BUA Chairman Abdul Samad Rabiu emphasised the critical role of Afreximbank’s financial backing in realising the company’s goals for Nigeria’s manufacturing and infrastructure sectors. Rabiu expressed that the partnership will enable BUA to scale its industrial capabilities and meet the increasing regional demand.

“With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand,” Rabiu stated. “Our goal is sustainable growth that boosts Nigeria’s self-sufficiency and Africa’s global trade presence, creating jobs and building economic resilience.”

Kanayo Awani, Afreximbank’s Executive Vice President for Intra-Africa Trade and Export Development, highlighted the broader economic impact of this facility. She noted that BUA’s expansion will bolster Nigeria’s manufacturing capacity and export potential, generating employment and supporting economic diversification.

“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 commented.

This strategic financing aligns with BUA’s mission to enhance industrial self-sufficiency and promote sustainable economic growth across Africa.