Veenocks expands porcelain tile plant in Sagamu, Nigeria with $145M project

Afreximbank provided a $81.9 million senior loan to Veenocks Limited for the expansion of its porcelain tile manufacturing plant in Sagamu, Ogun State, Nigeria. The $145 million project will triple annual production capacity from 3.3 million to 9.9 million square meters and create 300 new direct jobs.

“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.”afreximbank.com

• 3 sources
• afreximbank.comAfreximbank supports Veenocks’ US$145 million project for industrial expansion and regional growth - African Export-Import BankNov 2, 2026
• ficannewsng.comAfreximbank has provided aNov 3, 2026
• ecofinagency.comNigeria's Porcelain Tile Industry Gets $145 Million Investment to Triple Production CapacityNov 3, 2026

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