Veenocks expands porcelain tile plant in Sagamu, Nigeria with $81.9M Afreximbank loan

Afreximbank provided an $81.9 million senior term loan to Veenocks Limited to expand its porcelain tile manufacturing plant in Sagamu, Ogun State, Nigeria. The expansion will increase annual production capacity from 3.3 million to 9.9 million square metres and create 300 additional 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.”businesspost.ng

• 2 sources
• businesspost.ngVeenocks Secures $81.9m Afreximbank Loan for Ogun Tiles Factory | Business Post NigeriaNov 2, 2026
• newsstand.ngAfreximbank provides $81.9 million loan to Veenocks for Ogun tile factory expansion | News Stand NGNov 3, 2026

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