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2 clusters · 4 sources · 21 days · First seen · Last updated

Afreximbank industrial investments in Nigeria

Overview

The African Export-Import Bank (Afreximbank) has provided significant funding to support industrial development and infrastructure in Nigeria.

In October 2026, a $50 million investment into the Aba Integrated Power Project, promoted by Geometric Power Limited, helped revitalize the industrial sector in Aba. This funding addressed a project that had faced delays for nearly 20 years, allowing local manufacturers to increase production capacity and reduce reliance on expensive diesel generators.

By November 2026, Afreximbank extended an $81.9 million senior term loan to Veenocks Ltd for the expansion of a porcelain tile manufacturing plant in Ogun State. This project, with a total estimated cost of $145 million, aims to increase annual production capacity from 3.3 million to 9.9 million square metres to serve domestic and regional West African markets. The expansion is expected to create approximately 300 additional direct jobs.

Entities

Afreximbank · Ogun State · Aba Power Limited · Nigeria · Kanayo Awani

Timeline

  1. [BUSINESS] 4 sources
    Afreximbank provides $81.9m loan for Veenocks tile plant expansion

    Afreximbank has granted an $81.9 million loan to Veenocks Ltd to expand its porcelain tile plant in Nigeria, aiming to triple production capacity and target regional African markets.

  2. [BUSINESS] 2 sources
    Afreximbank funding revitalizes power supply in Nigeria

    Improved electricity supply in Nigeria, supported by Afreximbank funding for the Aba Integrated Power Project, is boosting industrial production and reducing costs for small businesses.

Sources

bizwatchnigeria.ng · businessday.ng · nairametrics.com · thegeniusmedia.com.ng