Veenocks secures $81.9M loan to expand tile factory in Sagamu, Nigeria

Veenocks Limited secured an $81.9 million loan from Afreximbank to expand its porcelain tile manufacturing operations in Sagamu, Ogun State, Nigeria. The $145 million project is expected to nearly triple annual production capacity to 9.9 million square metres and create 300 jobs.

“The financing forms part of a $145 million industrial expansion project expected to nearly triple the company's annual production capacity, create 300 additional direct jobs and strengthen Nigeria's ability to meet domestic demand for locally manufactured building materials.”newsmakerslive.org

• 1 source
• newsmakerslive.orgBaba Ijebu’s Son Secures $81.9M Afreximbank Loan to Expand Nigerian Tile Factory - NewsmakersNov 4, 2026

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