In a statement on Tuesday, BUA Chairman Abdul Samad Rabiu underscored the importance of this funding in driving the company’s efforts to boost Nigeria’s manufacturing and infrastructure sectors.
Abuja, Nigeria – BUA Industries Limited has secured a major financial lifeline as the African Export-Import Bank (Afreximbank) approved a $200 million corporate finance facility to support the company’s ambitious expansion plans.
The first tranche of $150 million was released on October 16, 2024, marking a significant milestone in the partnership.
In a statement on Tuesday, BUA Chairman Abdul Samad Rabiu underscored the importance of this funding in driving the company’s efforts to boost Nigeria’s manufacturing and infrastructure sectors. “With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand,” Rabiu said.
He added that the company is committed to sustainable growth aimed at enhancing Nigeria’s self-sufficiency and Africa’s global trade presence, while also fostering job creation and economic resilience.
Afreximbank’s Executive Vice President for Intra-Africa Trade and Export Development, Kanayo Awani, emphasized the expected economic impact of the partnership. “We are delighted at this collaboration, which promises significant benefits through job creation, import substitution, and export diversification. This will contribute to boosting Nigeria’s GDP,” Awani stated.
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