The initial tranche of $150 million was released on 16 October 2024.
In a statement provided to our correspondent on Tuesday, BUA Chairman Abdul Samad Rabiu emphasized the critical role of financial support in furthering the company's objective to bolster Nigeria's manufacturing and infrastructure industries.
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, emphasized that this facility will allow the organization to broaden its industrial presence, ultimately strengthening Nigeria's manufacturing sector and boosting its export capabilities.
“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.