Bamidele Famoofo
African Export-Import Bank (Afreximbank) has approved a $200 million Corporate Finance Facility in favour of BUA Industries Limited (BIL) to support its expansion plans.
BIL is a Nigerian conglomerate with diversified business interest spanning across, sugar and cement manufacturing, flour milling, oil milling, port logistics, real estate development, oil and gas, and shipping. The first tranche of $150 million was disbursed on October 16, 2024.
Commenting on the transaction, Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, said that the facility will provide critical financial support to a leading Nigerian conglomerate as it pursues its expansion plans, thereby boosting its industrial base and Nigeria’s export manufacturing capacity.
“We are delighted at this partnership which promises to deliver significant impact through job creation, import substitution and export diversification – thereby boosting Nigeria’s Gross Domestic Product (GDP).”
On his part, Abdul Samad Rabiu, chairman of BUA Industries Limited, said that the $200 million corporate finance facility marks a crucial step in BUA’s commitment to industrialising Nigeria’s manufacturing, infrastructure and energy sector for local use and export.
“With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand. Our goal is sustainable growth that boosts Nigeria’s self-sufficiency and Africa’s global trade presence, creating jobs and building economic resilience,” he said.
