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Key Points
- Afreximbank has approved a substantial $200-million facility to support BUA Industries' expansion, aiming to strengthen Nigeria’s industrial base.
- BUA Industries, under billionaire Alhaji Abdul Samad Rabiu, is leveraging this funding to enhance its operations in manufacturing, logistics, and energy, targeting regional and export demands.
- The partnership is set to create job creation, boost Nigeria’s self-sufficiency, and diversify exports, aligning with national economic growth initiatives.
The African Export-Import Bank (Afreximbank) has approved a two-hundred-million-dollar corporate finance facility to propel the expansion of BUA Industries Limited (BIL), a Nigerian conglomerate founded by billionaire Alhaji Abdul Samad Rabiu. The first tranche of one hundred fifty million dollars was released on October 16, 2024, underscoring a strategic partnership aimed at bolstering Nigeria’s manufacturing and industrial sectors. BUA operates in diverse industries, including sugar and cement manufacturing, flour and oil milling, port logistics, real estate, oil and gas, and shipping.
This facility aligns with BUA’s mission to strengthen Nigeria’s self-sufficiency in key industries, positioning the country as a regional export hub. Afreximbank's financing highlights its commitment to Africa's economic development and trade integration, providing vital support for BUA's expansion. Commenting on the facility, Kanayo Awani, Afreximbank’s Executive Vice President for Intra Africa Trade and Export Development, stated, “This partnership promises substantial impact through job creation, import substitution, and export diversification, which will enhance Nigeria’s GDP and support its industrial base.”
Advancing Nigeria’s self-reliance and economic resilience
BUA’s expansion aligns closely with national goals to reduce import dependency and build economic resilience. This focus on import substitution and export diversification aims to minimize Nigeria’s economic vulnerabilities and strengthen domestic industries to compete on a regional and global scale. The Afreximbank funding will facilitate critical investments in infrastructure and industrial capacity to further these objectives.
A pivotal investment for industrial growth
Alhaji Abdul Samad Rabiu, chairman of BUA Industries, emphasized the significance of this facility in achieving Nigeria’s manufacturing potential. “With Afreximbank’s support, BUA is positioned to strengthen industrial capacity and meet regional demand. Our objective is sustainable growth that enhances Nigeria’s self-sufficiency, Africa’s global trade presence, and economic resilience,” he noted.
This partnership marks a key milestone for Nigeria’s industrial development, with anticipated long-term impacts on both the local economy and Africa’s role in global trade.
