BUA Industries Limited has secured a $200 million financing facility from the African Export-Import Bank (Afreximbank) to drive its expansion in key sectors. The conglomerate, which operates in cement, sugar, flour, oil milling, port logistics, real estate, and shipping, announced the facility in Cairo on November 11, 2024.

In a statement issued on Tuesday, BUA emphasized that the financing will support its mission to bolster Nigeria’s industrial foundation, enhancing self-sufficiency and strengthening the nation’s export capabilities. Afreximbank disbursed the first $150 million tranche in October, which is being deployed across BUA’s diverse business portfolio.

BUA Chairman Abdul Samad Rabiu praised Afreximbank’s critical role in advancing Nigeria’s manufacturing and energy sectors, noting, “With Afreximbank’s support, BUA can increase investments to strengthen industrial capacity and meet regional demand.” Rabiu highlighted BUA’s dedication to sustainable growth that would not only contribute to Nigeria’s self-sufficiency but also position Africa as a stronger player in global trade.

Kanayo Awani, Afreximbank’s Executive Vice President for Intra Africa Trade and Export Development, echoed Rabiu’s optimism, stating that the partnership would fuel job creation, import substitution, and export diversification, thereby enhancing Nigeria’s GDP.

BUA Industries, headquartered in Lagos, has emerged as one of Africa’s fastest-growing companies in sectors crucial to the continent’s economic advancement. The company also noted its use of the African Continental Free Trade Area to expand its export footprint across Africa.