BUA Industries Limited has secured a substantial financial commitment to power its expansion, with the African Export-Import Bank (Afreximbank) approving a $200 million corporate finance facility. The first tranche, amounting to $150 million, was disbursed on October 16, 2024, setting in motion BUA’s ambitious plans for growth across Nigeria and beyond.

In a statement released on Tuesday, BUA Chairman Abdulsamad Rabiu emphasized the critical role of this support from Afreximbank in enabling the company’s efforts to elevate Nigeria‘s manufacturing and infrastructure sectors. “With Afreximbank’s backing, BUA will be able to ramp up investments to strengthen industrial capacity and meet growing regional demand,” Rabiu stated, highlighting the potential for this financing to propel BUA’s mission of sustainable growth that enhances Nigeria’s self-sufficiency while expanding Africa’s trade presence. Rabiu added that this partnership aims to create jobs and bolster economic resilience, laying the foundation for a more diversified economy.

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Kanayo Awani, Afreximbank’s Executive Vice President for Intra-Africa Trade and Export Development, affirmed the significance of this facility in supporting Nigeria’s economic objectives. Awani explained that the funding will drive BUA’s industrial expansion, augmenting the nation’s manufacturing output and enhancing its export capacity. “We are excited about this partnership, which will have a significant impact by creating jobs, substituting imports, and diversifying exports—ultimately contributing to a boost in Nigeria’s GDP,” Awani commented.

This move marks a pivotal step in BUA’s ongoing commitment to advancing Nigeria’s industrial landscape and aligns with Afreximbank’s mission of fostering sustainable development through intra-Africa trade. The partnership is expected to reinforce the region’s manufacturing ecosystem, promoting a cycle of growth that strengthens local industries and fosters international competitiveness.