BUA Industries Limited, Nigerian conglomerate and parent company of BUA Cement, and BUA Foods, both of which are listed on the Nigerian Exchange Limited, among others, on Tuesday said it has secured a US$200m Corporate Finance Facility to support its expansion plans from the African Export-Import Bank.
The first tranche of $150m, the group said in a statement, was disbursed on October 16, 2024, in what according to Abdul Samad Rabiu, the group’s Chairman, said marks a crucial step in BUA’s commitment to industrialising Nigeria’s manufacturing, infrastructure and energy sector for local use and export.
According to him, “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.”
Speaking on the facility, Mrs. Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development at Afreximbank, said it would offer critical financial support to the 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),” she said.
Commenting on the deal through its X-handle (former Twitter), Africa Finance Corporation (AFC) said it “facilitated” the landmark facility “for the @BUAgroup, a prominent Nigerian conglomerate spanning food, infrastructure, mining and manufacturing sectors.”
Over the past decade, BUA has solidified its reputation as one of Africa’s fastest-growing and reputable companies with business interests spanning critical sectors of the African economy. With its headquarters in Lagos, Nigeria, BUA has expanded its business operations in the past few years to take advantage of the African Continental Free Trade Area through exports.
