A planned expansion of Veenocks’ porcelain-tile plant in Sagamu, Ogun State, has secured an $81.9 million senior term loan from Afreximbank, the lender said in a 2 November statement. The Guardian and Nairametrics reported the financing on 3 November. The overall project is estimated at $145 million, linking new manufacturing investment in Nigeria with the company’s ambition to sell more across Africa.
The bank says the expansion is expected to raise annual production capacity from 3.3 million to 9.9 million square metres. That would be three times the existing capacity. It is a plan for what the enlarged factory could produce, not confirmation that annual output has already reached that level. The financing announcement does not establish a completion date for the expansion.
Employment figures also need that distinction. Afreximbank says the existing plant employs more than 200 people directly, while the expansion is expected to create another 300 direct jobs. It also anticipates work in raw-material supply, transport and distribution. These forecasts do not amount to a recruitment notice, and the reports reviewed provide no application deadline or confirmed list of available jobs.
The financing follows a $2 million project-preparation agreement signed in August 2024. That earlier support paid for technical, commercial, financial, legal, environmental and social studies. The bank says the preparation funding has now been repaid from the senior debt financing. This allows that preparation capital to support other projects; it is not a claim that the new $81.9 million loan has been repaid.
Veenocks’ medium-term target markets include Togo, Benin, Burkina Faso, Niger, Cameroon, Ghana, Mauritania and Senegal. The company belongs to R28 Holdings and makes wall and floor tiles under the Veramis brand. Management says expansion should increase the use of Nigerian raw materials and reduce reliance on imported tiles. Those are stated business aims, rather than independently measured results from the planned expansion.
What it means for you. For Ogun jobseekers and businesses supplying building materials, this is a financing milestone worth following. Delivery, hiring and actual output remain the next tests. A larger planned factory does not by itself guarantee cheaper tiles in a local shop, a job offer, or an export sale. Buyers and applicants still need specific information from the company when those opportunities become available.