Business
Afreximbank Lends US$200m Facility to Support BUA Industries Expansion Plans
Alhaji Abdul Samad Rabiu, Chairman of BUA Industries Limited, said that the $200 million corporate finance facility marks a crucial step in BUA’s commitment to industrializing Nigeria’s manufacturing, infrastructure and energy sector for local use and export.
African Export-Import Bank (Afreximbank) has approved a US$200 million Corporate Finance Facility in favour of BUA Industries Limited (BIL) to support its expansion plans.
BIL is a Nigerian conglomerate with diversified business interest spanning across, sugar and cement manufacturing, flour milling, oil milling, port logistics, real estate development, oil and gas, and shipping.
The first tranche of $150 million was disbursed on October 16, 2024.
Commenting on the transaction, Mrs Kanayo Awani, Executive Vice President, Intra Africa Trade and Export Development, Afreximbank, said that the facility will provide critical financial support to a leading Nigerian conglomerate as it pursues its expansion plans, thereby boosting its industrial base and Nigeria’s export manufacturing capacity.
“We are delighted at this partnership which promises to deliver significant impact through job creation, import substitution and export diversification – thereby boosting Nigeria’s Gross Domestic Product (GDP).”
On his part, Alhaji Abdul Samad Rabiu, Chairman of BUA Industries Limited, said that the $200 million corporate finance facility marks a crucial step in BUA’s commitment to industrializing Nigeria’s manufacturing, infrastructure and energy sector for local use and export.
“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,” he said.
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Business
Traders shut down Enugu ‘s Obollo-Afor market over N25,000 haulage levy
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
All shops and markets at Obollo-Afor, Udenu Local Government Area of Enugu State were shut yesterday, as traders staged a peaceful protest against alleged selective collection of a N25,000 haulage levy in the market.
The traders, who locked their shops and took to the streets in large numbers, carried placards with various inscriptions, alleging that the Enugu State Internal Revenue Service (ESIRS) had singled out Obollo-Afor Market for the collection of N25,000 haulage fee on every truckload of goods loaded or offloaded in the market.
However, Chairman of ESIRS, Emmanuel Nnamani, in a letter to the traders, said the haulage levy was not paid by traders buying or selling goods in the markets, but was applicable strictly to truck drivers plying interstate routes.
Addressing officials of the Udenu Local Government Council at the council secretariat, where the protesters marched to present their grievances, Chairman, Obollo-Afor Market Traders Association, Charles Eze, lamented that truck operators bringing foodstuffs, building materials, and other commodities to the market had stopped coming because of the levy.
Business
Nigeria’s oil production dropped by 4% in July – NUPRC
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
The Nigerian Upstream Regulatory Commission (NUPRC) data has shown Nigeria’s average daily oil production fell by four percent in July, 2026.
According to the NUPRC, Nigeria produced 1.505 million barrels per day (bpd) of crude oil and 0.17 million bpd of condensate, bringing the combined daily production to 1.67 million bpd.
The commission said the country met and exceeded its Organisation of the Petroleum Exporting Countries (OPEC) quota of 1.5 million bpd for the third consecutive month.
“In the month under review, the daily peak production of crude oil and condensate was 1.78mbpd, while the lowest daily production was 1.57mbpd.”
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