# 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.

- Type: Expansion
- Announced: 2026-11-02
- Where: Sagamu, Ogun State, Nigeria
- Value: $145.0M
- Jobs: 300
- Status: announced
- Capacity: 9.9 million square meters per year
- Products: porcelain tiles
- Sectors: [Construction Materials](https://endata.com/sectors/construction-materials.md)

## Companies

- [Veenocks Limited](https://endata.com/companies/15135.md)
- [African Export-Import Bank](https://endata.com/companies/15136.md) (investor)
- [Afreximbank](https://endata.com/companies/15393.md) (investor)
- [R28 Holdings](https://endata.com/companies/16018.md) (partner)

## Sources

- [afreximbank.com](https://www.afreximbank.com/afreximbank-supports-veenocks-us145-million-project-for-industrial-expansion-and-regional-growth/), 2026-11-02: "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."
- [ficannewsng.com](https://ficannewsng.com/afreximbank-has-provided-an-81-9-million-loan-to-veenocks-limited-to-expand-its-porcelain-tile-manufacturing/), 2026-11-03: "The studies financed through Afreximbank's Project Preparation Facility have helped strengthen the project's bankability and broaden the company's regional growth ambitions."
- [ecofinagency.com](https://www.ecofinagency.com/news/0311-60423-nigerias-porcelain-tile-industry-gets-145-million-investment-to-triple-production-capacity), 2026-11-03: "A $145 million investment in Nigeria's porcelain tile industry is set to triple Veenocks' annual production capacity from 3.3 million to 9.9 million square meters."
- [validviewnetwork.com](https://validviewnetwork.com/adebutu-secures-81-9m-afreximbank-facility-to-triple-sagamu-tile-production/), 2026-11-04: "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."

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Data from Endata (https://endata.com/). Announcements are summarized from public sources and may be incomplete; check the linked originals.