More
    HomeUncategorized$200 million facility secured by BUA Industries from Afreximbank

    $200 million facility secured by BUA Industries from Afreximbank

    Published on

    In order to support BUA Industries Limited’s expansion aspirations, the African Export-Import Bank (Afreximbank) has approved a US$200 million Corporate Finance Facility.
    On October 16, 2024, the first tranche of $150 million was given to BUA, a Nigerian conglomerate with a variety of economic interests in the production of sugar and cement, flour milling, oil milling, port logistics, real estate development, oil and gas, and shipping.

    Speaking about the deal, BUA Chairman Abdul Samad Rabiu, CFR, CON, stated that the $200 million corporate finance facility from AfreximBank is an important step in BUA’s efforts to industrialize Nigeria’s infrastructure, manufacturing, and energy sectors for both domestic consumption and export. “BUA can boost investments to bolster industrial capacity and satisfy regional demand with the help of Afreximbank.

    Our objective is sustainable growth that increases Africa’s global trade presence and Nigeria’s self-sufficiency while generating jobs and bolstering economic resilience,” he stated.

    Speaking about the deal, Kanayo Awani, executive vice president, Intra Africa Trade and Export Development, Afreximbank, stated that the facility would give a major Nigerian conglomerate vital financial support as it pursues its expansion plans, strengthening its industrial base and Nigeria’s capacity for export manufacturing.

    “We are excited about this partnership, which has the potential to significantly increase Nigeria’s GDP through job creation, import substitution, and export diversification,” he added.

    Latest articles

    Lagos Youths Rise in Support of Seyi Tinubu, Decry Baseless Allegations

    The Coalition of Lagos Indigenous Youth, has disassociated itself from recent media publications aimed...

    Chelsea, Lyon, and Real Madrid Secure Women’s Champions League Quarter-Final Spots

    Chelsea, Lyon, and Real Madrid have all reached the quarter-finals of the 2024 Women's...

    NNPCL Responds to Dangote Refinery’s Suit, Calls It Incompetent

    The Nigeria National Petroleum Corporation Limited (NNPCL) has filed a preliminary objection in response...

    Davido Excited as He Celebrates 32nd Birthday with ₦300m Donation

    Nigerian music superstar, David Adeleke, popularly known as Davido, marked his 32nd birthday on...

    More like this

    Lagos Youths Rise in Support of Seyi Tinubu, Decry Baseless Allegations

    The Coalition of Lagos Indigenous Youth, has disassociated itself from recent media publications aimed...

    Chelsea, Lyon, and Real Madrid Secure Women’s Champions League Quarter-Final Spots

    Chelsea, Lyon, and Real Madrid have all reached the quarter-finals of the 2024 Women's...

    NNPCL Responds to Dangote Refinery’s Suit, Calls It Incompetent

    The Nigeria National Petroleum Corporation Limited (NNPCL) has filed a preliminary objection in response...