BUA Industries Limited has secured a $200 million corporate finance facility from the African Export-Import (Afrexim) Bank to support the company’s growth plans.
Chairman of BUA, Abdul Samad Rabiu, in a statement on Tuesday, revealed that the first tranche of $150 million was disbursed on 16 October, 2024.
He emphasised the importance of financial backing in advancing the company’s mission to strengthen Nigeria’s manufacturing and infrastructure sectors, saying “With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand.”
Rabiu pointed out that BuA’s goal “is sustainable growth that boosts Nigeria’s self-sufficiency and Africa’s global trade presence, creating jobs and building economic resilience.”
Afreximbank’s Executive Vice President for Intra-Africa Trade and Export Development, Kanayo Awani, said the facility will enable the company to expand its industrial footprint, thereby enhancing Nigeria’s manufacturing base and export capacity.
“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,” he added.
