International Finance Corporation, IFC, will be including Nigeria in its plans to commission some new factories in Nigeria with a $30 million loan by supporting Baalbaki Chemical Industries, BCI, in the region.
Although Nigeria wouldn’t benefit from this funding alone, the main aim of IFC is to support BCI Holding, South Africa, in expanding its existing production facility in Egypt and the commissioning of new factories in Algeria.
Meanwhile, the commissioning of the new factories in Nigeria aims to enhance manufacturing capacity and job creation, which would serve as an added advantage to the country’s citizens.
BCI Holding is a leading regional manufacturer and distributor of polyurethane, PU raw materials, systems and specialities, with headquarters in the United Arab Emirate, UAE.
The company wishes to further expand its production in the countries mentioned earlier, including Nigeria, by creating hundreds of direct and indirect jobs.
As contained in a statement posted on the IFC website, “IFC’s $30 million loans will support the expansion of its existing production facility in Egypt and the commissioning of new factories in Algeria and Nigeria. The financing will help BCI develop regional supply chains for polyurethane, a versatile product used in insulation, footwear, packaging and other industries.”
IFC, a member of the World Bank Group, gathered that the soon-to-be-mounted facility would be used to produce more than eighty direct jobs and several hundred indirect jobs in the supply chain and through employment multiplier effects.
However, on its site, IFC did not provide any information regarding when the Nigerian operation will take off in earnest.