Afreximbank Extends $200 Million Facility to Nigeria’s BUA Industries to Support Expansion

CAIRO, Egypt, November 11, 2024 – The African Export-Import Bank (Afreximbank) has approved a $200 million corporate finance facility for Nigeria’s BUA Industries Limited (BIL) to support the company’s expansion across various industrial sectors. The facility, which includes an initial disbursement of $150 million made on October 16, 2024, is expected to bolster BUA’s operations in manufacturing, logistics, and export capacity, contributing to Nigeria’s industrial and economic growth.

BUA Industries, a prominent Nigerian conglomerate with diverse interests in sectors including sugar and cement manufacturing, flour and oil milling, port logistics, real estate, and energy, will use the financing to expand its production capabilities, targeting both domestic and international markets. Afreximbank’s support is projected to strengthen the firm’s industrial infrastructure, fostering job creation and enhancing Nigeria’s position in regional trade.

Mrs. Kanayo Awani, Executive Vice President for Intra Africa Trade and Export Development at Afreximbank, underscored the strategic importance of the facility for Nigeria’s industrial landscape. “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),” she stated.

The financing aligns with Afreximbank’s goals of fostering intra-African trade and export development, as well as supporting local enterprises with growth potential in strategic industries. By enhancing BUA’s financial capacity, the bank is helping Nigeria expand its industrial base and export manufacturing capabilities, a move expected to strengthen the nation’s broader economic framework.

Alhaji Abdul Samad Rabiu, Chairman of BUA Industries Limited, emphasized the significance of the financing for BUA’s expansion and Nigeria’s broader industrial objectives. “With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand,” Rabiu said. He highlighted BUA’s commitment to promoting self-sufficiency in Nigeria and contributing to Africa’s position in global trade, saying, “Our goal is sustainable growth that boosts Nigeria’s self-sufficiency and Africa’s global trade presence, creating jobs and building economic resilience.”

The partnership between Afreximbank and BUA Industries is expected to have a substantial economic impact, driving job creation and fostering a shift from reliance on imports to a more self-sustaining and diversified economy. By supporting firms like BUA, which have a strong commitment to infrastructure, manufacturing, and energy, Afreximbank is helping pave the way for a more resilient and competitive Nigerian economy.