BUA Industries Limited has announced that it obtained a $200 million corporate finance facility from the African Export-Import Bank (Afreximbank) to aid in its growth initiatives.
The company stated on Tuesday that the initial tranche of $150 million was received on October 16, 2024.
Abdul Samad Rabiu, BUA’s chairman, noted that the support from Afreximbank represents a significant move in the company’s dedication to advancing Nigeria’s manufacturing, infrastructure, and energy sectors for domestic consumption and export purposes.
“With Afreximbank’s backing, we can enhance investments to bolster industrial capabilities and fulfill regional demand. Our objective is sustainable development that enhances Nigeria’s self-reliance and elevates Africa’s position in global trade, generating employment opportunities and fostering economic resilience,” Rabiu said.
In remarks regarding the deal, Kanayo Awani, the Executive Vice-President of intra-Africa trade and export development at Afreximbank, stated that the financing would offer vital support to the Nigerian conglomerate during its expansion, thereby reinforcing its industrial foundation and boosting the country’s export manufacturing capabilities.
“We are pleased with this partnership, which is expected to create a substantial impact through job opportunities, import substitution, and export diversification – all contributing to the growth of Nigeria’s Gross Domestic Product (GDP),” Awani was cited as saying.
BUA said that it has broadened its business activities in recent years to leverage the African continental free trade area through exports.