CAIRO, Egypt, November 2, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has supported the development and expansion of Veenocks Limited’s porcelain tile manufacturing plant in Sagamu, Ogun State, Nigeria, through its Project Preparation Facility (PPF) and a US$81.9 million senior term loan. The project has a total estimated cost of US$145 million.
 




 

Afreximbank and Veenocks signed a US$2 million project preparation facility agreement in August 2024 to finance technical, commercial, financial, legal, environmental and social studies needed to establish the project’s bankability.

The studies financed through the PPF, complemented by Afreximbank’s pan-African experience, enabled Veenocks to broaden its growth ambitions beyond its primary focus on the Nigerian market. This support informed the company’s plans to pursue regional opportunities over the medium term, with target markets including Togo, Benin, Burkina Faso, Niger, Cameroon, Ghana, Mauritania and Senegal.

The Bank’s US$81.9 million senior term loan supports implementation of the plant’s expansion, providing financing for investment in additional manufacturing capacity. The expansion is expected to increase the plant’s total annual production capacity from 3.3 million to 9.9 million square metres, creating a stronger production base to meet domestic demand and pursue regional opportunities.

The existing plant employs more than 200 people directly. The expansion is expected to create an additional 300 direct jobs, alongside indirect employment across raw material supply, logistics and distribution.

The preparation financing has been fully repaid from senior debt, completing the PPF’s funding cycle for Veenocks and replenishing capital to support further projects.

Mrs. Kanayo Awani, Executive Vice President, Intra-African Trade and Export Development, Afreximbank, said:

“Veenocks demonstrates how project preparation, commercial expertise and senior debt financing can support African industrial investment. The studies financed through Afreximbank’s Project Preparation Facility have helped strengthen the project’s bankability and broaden the company’s regional growth ambitions. Our senior debt financing supports the plant expansion needed to convert those ambitions into increased productive capacity, and stronger foundations for intra-African trade.”

Mrs. Awani added: “Full repayment of the preparation financing ensures capital is available to support more indigenous African investors and projects. This is the PPF’s revolving model in practice: the funds that have been repaid are used to support initiatives that add value to local resources and expand manufacturing.”

Mr. Adebisi Abidemi Adebutu, Group President of R28 Holdings, the parent company of Veenocks Limited, said:

“This investment represents an important step towards our ambition of building a globally competitive manufacturing business in Nigeria, producing world-class tiles to European quality standards and reducing Nigeria’s dependence on imported tiles. The PPF was instrumental in broadening our growth plans and positioning us to penetrate regional markets over the medium term. With Afreximbank’s financing, we can now deliver the expansion phase of this project. The facility will allow us to add value to Nigeria’s raw materials, create quality jobs and increase the supply of our porcelain tiles, manufactured here in Nigeria, to customers at home and across the region. Our vision is to set the global benchmark for quality in tile manufacturing and to become Africa’s first choice for porcelain tiles.”

JOHANNESBURG, South Africa, November 2, 2026/APO Group/ –How can South African businesses turn energy investment into lower operating costs, stronger resilience and long-term competitiveness? This question drove the second day of VUKA Group’s (https://WeAreVUKA.com/) C&I Energy + Storage Summit in Johannesburg, with discussions examining the commercial value of storage, industrial energy strategies and the infrastructure needed to support Africa’s growing digital economy.

 




  

The programme brought together business leaders, energy specialists, financiers and public-sector representatives to address practical decisions facing commercial and industrial users, alongside the EIUG Conference, Water Security Africa and Data Centre Summit.

Energy security, industrial competitiveness and infrastructure readiness emerged as closely connected priorities, with discussions highlighting what businesses need to turn investment plans into operational gains.

Energy storage featured prominently, with panellists examining how tariff optimisation, peak shaving and renewable energy integration can strengthen its value beyond backup power. The investment case, however, needs to account for battery degradation, warranties and operational risk.

Addressing the attendees, Junaid Munshi, Group Executive: Distribution for Eskom told the audience: “For an industrial business, solar and storage can improve the energy cost position. But the opportunity extends beyond the customer’s electricity bill. Where network capacity is constrained, coordinated battery use may relieve pressure on the infrastructure serving that business and, where proven technically dependable, could defer or reduce grid investment. The asset behind your meter can therefore also become a resource beyond it.”

The EIUG session “Industrialisation under threat?” put changing electricity consumption under scrutiny, asking whether lower demand reflected efficiency gains or weakening industrial output. Tariffs, investment conditions and industrial growth remained central to the discussion, highlighting the need to assess energy trends against the health of the wider economy.

At the Data Centre Summit, Africa’s AI ambitions brought power availability and infrastructure readiness into focus. Discussions on grid access, wheeling and network investment highlighted the importance of planning digital growth alongside the electricity infrastructure needed to sustain it.

For businesses developing energy projects, public-private engagement sessions explored infrastructure co-investment, municipal coordination and workable wheeling agreements.

Water Security Africa reinforced the wider resource-security challenge through industrial resilience case studies, digital water technologies and lessons from case studies.

Across the discussions, the practical message was consistent: competitive businesses need more than access to technology and capital. They also need reliable infrastructure, workable commercial arrangements and coordinated delivery.

The afternoon programme translated these themes into business decisions. “The C&I energy playbook” drew together insights from across the summit, while the closing “decision clinic” addressed real project challenges, from choosing between onsite solar and wheeled power to sizing batteries and preparing projects for financing. Experts from DBSA, Standard Bank, SustainableDNA and the City of Tshwane contributed practical guidance.

Download the programme to review the full Day 2 agenda and participating speakers: https://apo-opa.co/4eEKq9a

CAIRO, Egypt, October 31, 2026/APO Group/ –African Export-Import Bank (Afreximbank) (www.Afreximbank.com) has released its Côte d’Ivoire Country Brief, providing an in-depth examination of the West African nation’s macroeconomic outlook, regional and international trade dynamics, financial sector development and debt sustainability profile.

 




  

The brief highlights Côte d’Ivoire as one of Africa’s fastest-growing economies. Home to 33.5 million people and with nominal GDP forecast at USD116.9 billion in 2027, the country has sustained average real GDP growth of around 6.5% per year between 2021 and 2024, accelerating to an estimated 6.6% in 2025. Growth is forecast to moderate to 5.8% in 2026 before rebounding to 6.2% in 2027, supported by rising crude production, continued infrastructure investment and resilient domestic demand.

The brief also points to a notably improved near-term macroeconomic environment. Inflation fell sharply to just 0.1% in 2025, supported by easing commodity price pressures and government measures to stabilise fuel and food prices, with the CFA franc’s euro peg providing a durable exchange rate anchor. The fiscal deficit narrowed to 3% of GDP in 2025, meeting the West African Economic and Monetary Union (UEMOA) ceiling, backed by stronger revenue collection and ongoing reforms to tax administration and VAT digitalisation.

On trade, this edition charts a significant expansion. Total trade surged from USD26 billion in 2018 to USD57 billion in 2025, anchored by Côte d’Ivoire’s status as the world’s largest cocoa producer, commanding around 40% of global supply, alongside growing exports of cashew nuts, rubber, gold and hydrocarbons. The February 2026 Calao South gas condensate discovery and rising output from the Baleine field signaled a broadening export base over the medium term. Strategically positioned on the Gulf of Guinea, with the ports of Abidjan and San Pedro acting as principal gateways into Francophone West Africa, Côte d’Ivoire is deeply embedded in regional trade networks, with African markets accounting for around 22% of its goods trade in 2025.

The brief further notes Côte d’Ivoire’s financial sector strength. The country holds the largest banking sector in UEMOA, accounting for more than a third of regional banking assets. Regulatory reforms, including the adoption of Basel II and Basel III standards, have strengthened supervision and resilience, while the launch of the Central Bank of West African States’ (BCEAO) interoperable instant payment platform in September 2025 is broadening access to digital financial services across the economy.

As this edition notes, Côte d’Ivoire “has moved from a period of rapid debt accumulation and elevated debt service pressure towards a more stable debt profile, supported by fiscal consolidation, active debt management and continued multilateral engagement.”  This is a trajectory that positions the country to fully capitalise on the ambitious targets of its 2026-2030 National Development Plan.

Afreximbank’s Group Chief Economist & Managing Director Research commented: “Côte d’Ivoire is consolidating its position as a leading West African growth and trade hub. Its expanding energy sector, world-class agricultural base, regional port infrastructure and increasingly sophisticated financial system offer a strong foundation to attract investment, scale value addition and deepen trade links across Africa.”

Read more in the Afreximbank Country Brief on Côte D’Ivoire here https://apo-opa.co/4BRcYX8