UA Industries Limited has received a substantial financial injection for its expansion efforts, with the African Export-Import Bank approving a $200 million corporate finance facility to support the company’s growth initiatives. The initial tranche, amounting to $150 million, was disbursed on October 16, 2024.
In a statement on the partnership, BUA Chairman Abdul Samad Rabiu emphasized the critical role of financial support in driving the company’s mission to bolster Nigeria’s manufacturing and infrastructure sectors.
He said, “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.”
Afreximbank’s Executive Vice President for Intra-Africa Trade and Export Development, Kanayo Awani, noted that the facility will enable the company to expand its industrial footprint, thereby enhancing Nigeria’s manufacturing base and export capacity.
“We are delighted at this partnership, which promises to deliver significant impact through job creation, import substitution, and export diversification – all contributing to a boost in Nigeria’s GDP,” Awani stated.
