The African Export-Import Bank (Afreximbank) has approved a $200 million Corporate Finance Facility for BUA Industries Limited (BIL) to support the company expansion plans.
The bank which disclosed this in a statement, noted that the first tranche of $150 million was disbursed on October 16, 2024.
BUA Foods Plc’s expansion projects are expected to intensify competition in the pasta production market, where major players like Flour Mills of Nigeria Plc and Dangote Foods are all competing for market share.
The statement noted that these new mills would increase BUA’s total milling capacity to 2.5 million metric tonnes annually.
BIL is a Nigerian conglomerate with diversified business interests spanning across sugar and cement manufacturing, flour milling, oil milling, port logistics, real estate development, oil and gas, and shipping.
Commenting on the facility, the Chairman of BUA Industries Limited, Alhaji Abdul Samad Rabiu,said that the $200 million corporate finance facility marks a crucial step in BUA’s commitment to industrializing Nigeria’s manufacturing, infrastructure and energy sector for local use and export.
“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,” he said.
The Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, Mrs. Kanayo Awani,said that the facility will provide critical financial support to a 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).”
