Adebisi Abidemi Adebutu, son of billionaire businessman and philanthropist Sir Kessington Adebutu, popularly known as Baba Ijebu, has secured $81.9 million in financing from the African Export-Import Bank (Afreximbank) to expand porcelain tile production in Nigeria.

The financing, approved as a senior term loan for Veenocks Limited, will support a $145 million expansion of the company’s manufacturing facility in Sagamu, Ogun State.

The project is expected to nearly triple the plant’s annual production capacity from 3.3 million square metres to 9.9 million square metres, strengthening Nigeria’s domestic manufacturing capacity and reducing reliance on imported building materials.

The expansion is also projected to create 300 additional direct jobs, bringing the company’s workforce beyond the more than 200 employees currently engaged at the facility.

Beyond increasing production, the investment is expected to promote local sourcing of raw materials, support industrial development and position Veenocks Limited as a major supplier of porcelain tiles to markets across Africa.

Adebutu, who heads R28 Holdings, is pursuing an ambitious strategy to build a globally competitive Nigerian manufacturing enterprise capable of meeting international quality standards, including those required in European markets.

The investment underscores growing efforts by Nigerian entrepreneurs to expand domestic manufacturing, deepen industrial capacity and take advantage of opportunities in the African market.

Source: Silverbirdtv