Afreximbank has partnered with Veenocks Limited to finance the development of a state-of-the-art porcelain tile manufacturing plant in Sagamu, Ogun State, Nigeria. The facility, with an estimated investment cost of $117 million, will have an annual production capacity of 6.6 million square meters of floor and wall tiles.
The project preparation facility agreement was signed by Kanayo Awani, Executive Vice President of Intra-African Trade and Export Development Bank, and Adebisi Abidemi Adebutu, Ultimate Beneficial Owner of Veenocks Limited.
Afreximbank will provide early-stage intervention to de-risk the project and advance it to bankability. The bank will also lead the debt raise and syndication, with the option to incorporate credit enhancements if needed.
The project aims to exploit Nigeria’s underutilized natural resources, creating over 700 job roles and generating exports estimated at $11.4 billion. Awani emphasized Afreximbank’s commitment to supporting impactful projects in Nigeria and beyond, leveraging its diverse product suite to offer end-to-end solutions.
Adebutu, Group President of R28 Holdings, expressed excitement about the partnership, stating that Veenocks is poised to make a meaningful impact in the industry, fostering economic growth and creating opportunities for communities across Africa.
