BUA Industries Limited has said it secured a $200 million financing facility from the African Export-Import Bank to drive its expansion across key sectors.
The conglomerate announced its receipt of the financing facility in Cairo on November 11, 2024.
In a statement issued on Tuesday, the firm said the fund serves its ambition to strengthen the country’s industrial base and contribute to its self-sufficiency and export capabilities.
BUA said Afreximbank disbursed the first tranche, totalling $150m in October to deploy the funds across its diversified business portfolio, including cement and sugar manufacturing, flour and oil milling, port logistics, real estate, and shipping.
The BUA Chairman, Abdul Samad Rabiu, praised Afrexim’s role in advancing BUA’s mission of industrialising Nigeria’s manufacturing and energy sectors, stating “With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand.”
Rabiu emphasised the group’s dedication to “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, echoed Rabiu’s optimism as she described the partnership as a catalyst for industrial growth that will “deliver significant impact through job creation, import substitution, and export diversification – thereby boosting Nigeria’s Gross Domestic Product.”
BUA hailed itself as emerging as one of Africa’s fastest-growing firms, establishing a solid presence in sectors critical to the continent’s economic growth.
The conglomerate, headquartered in Lagos, also noted it leverages the African Continental Free Trade Area to expand its export footprint across Africa.
By Arinze Nwafor @The PUNCH
