Veenocks plan to expand its porcelain-tile factory for Sagamu, Ogun State, don get $81.9 million senior term loan from Afreximbank, according to statement wey the bank release on 2 November. Guardian and Nairametrics report the financing on 3 November. Dem estimate the whole project at $145 million. The investment connect more manufacturing for Nigeria with the company plan to sell more across Africa.
The bank say dem expect the expansion to raise how much the factory fit produce each year from 3.3 million to 9.9 million square metres. That one go be three times the present capacity. Na plan for wetin the bigger factory fit produce, no be confirmation say actual production per year don reach that level. The financing announcement no give confirmed date when the expansion go finish.
For the job figures too, this difference matter. Afreximbank say the present factory employ more than 200 people directly, while dem expect the expansion to create another 300 direct jobs. The bank also expect work for people wey supply raw materials, transport and distribute products. These predictions no be recruitment notice. The reports wey we check no give application deadline or confirmed list of jobs wey dey available.
This financing follow $2 million agreement to prepare the project wey dem sign for August 2024. That earlier support pay for technical, business, money, legal, environment and social studies. The bank say dem don use part of the senior debt financing pay back the preparation money. That go allow the preparation capital support other projects. E no mean say dem don pay back the new $81.9 million loan.
Countries wey Veenocks plan to sell to for medium term include Togo, Benin, Burkina Faso, Niger, Cameroon, Ghana, Mauritania and Senegal. The company belong to R28 Holdings and e make wall and floor tiles under Veramis brand. Management say expansion suppose increase how much Nigerian raw materials dem use and reduce dependence on imported tiles. Na business aims wey dem state, no be results wey independent people don measure from this planned expansion.
Wetin this mean for you. For people wey dey find work for Ogun and businesses wey supply building materials, this financing na important step wey worth following. Whether dem finish the work, employ people and produce the tiles na the next things to check. Bigger factory plan alone no guarantee cheaper tiles for shop, job offer or export sale. Buyers and applicants still need clear company information when those opportunities become available.