# 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.

- Type: Expansion
- Announced: 2026-11-02
- Where: Sagamu, Ogun State, Nigeria
- Value: $81.9M
- Jobs: 300
- Status: announced
- Capacity: 9.9 million square metres 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)

## Sources

- [businesspost.ng](https://businesspost.ng/general/veenocks-secures-81-9m-afreximbank-loan-for-ogun-tiles-factory/), 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."
- [newsstand.ng](https://newsstand.ng/news/afreximbank-provides-81-9-million-loan-to-veenocks-for-ogun-tile-factory-hv7ita), 2026-11-03: "Afreximbank has provided an $81.9 million loan to Veenocks Limited to expand its porcelain tile manufacturing plant in Sagamu, Ogun State, in a project expected to increase annual production capacity threefold."

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