Afreximbank Provides $81.9m Loan for Ogun Tile Factory Expansion, 300 Jobs Expected

Afreximbank has provided an $81.9 million senior term loan to support the expansion of Veenocks Limited’s porcelain tile factory in Sagamu, Ogun State. The wider project is valued at $145 million and is expected to triple the factory’s annual output from 3.3 million to 9.9 million square metres. The expansion could create 300 additional direct jobs, increasing the company’s workforce from more than 200 to over 500 employees. Veenocks plans to use the increased capacity to supply Nigeria’s construction sector and export tiles to markets including Ghana, Benin, Togo, Cameroon, Niger and Senegal. The company says the investment will support local manufacturing, increase the use of Nigerian raw materials and reduce reliance on imported tiles.

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