The African Export-Import Financial institution (Afreximbank) has authorised a $200 million Company Finance Facility for BUA Industries Restricted (BIL) to help its enlargement efforts.
The financial institution disclosed this in an announcement, noting that the primary tranche of $150 million was disbursed on October 16, 2024.
Alhaji Abdul Samad Rabiu, CFR, CON, Chairman of BUA Industries Restricted, acknowledged that the $200 million company finance facility represents a big milestone in BUA’s dedication to advancing Nigeria’s manufacturing, infrastructure, and vitality sectors for each native consumption and export.
Earlier this 12 months, BUA Meals Plc signed an settlement with Turkish milling tools producer IMAS to assemble 4 new wheat milling factories with a mixed capability of three,200 tonnes per day.
BUA Meals Plc’s enlargement tasks are anticipated to accentuate competitors within the pasta manufacturing market, the place main gamers like Flour Mills of Nigeria Plc and Dangote Meals are all competing for market share.
A latest report by Nairametrics highlights a number of corporations investing billions in enlargement tasks throughout Nigeria. These embrace Dangote Cement, Nestlé, Emzor Prescription drugs, BUA Cement, Transcorp Inns, amongst others.
