BUA Industries Limited Secures $200 Million Afreximbank Loan for Growth
In a strategic move to boost its growth initiatives, BUA Industries Limited has successfully secured a $200 million corporate finance facility from the African Export-Import Bank (Afreximbank).
The company confirmed that it received the initial tranche of $150 million on October 16, 2024, marking a significant milestone in its expansion plans.
Abdul Samad Rabiu, the Chairman of BUA, expressed his appreciation for Afreximbank’s support, emphasizing the importance of advancing Nigeria’s manufacturing, infrastructure, and energy sectors for both domestic consumption and export purposes.
Rabiu stated, “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.”
Speaking on the partnership, Kanayo Awani, the Executive Vice-President of intra-Africa trade and export development at Afreximbank, highlighted the importance of the financing in supporting BUA’s expansion plans and strengthening Nigeria’s export manufacturing capabilities.
Awani commented, “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).”
BUA emphasized its commitment to leveraging the African continental free trade area for export opportunities, showcasing its readiness to contribute to regional trade and economic development.
