In order to secure the financing of the development of the Veenocks porcelain tile manufacturing plant located in Sagamu, Ogun State, Nigeria, Nigeria, The African Import-Export Bank (Afreximbank), signed a project preparation facility agreement (Afreximbank), signed a project preparation facility agreement with Veenocks Limited for the financing the development of the porcelain tile factory.

The factory is expected to be commissioned at an estimated investment cost of 117 million US dollars. It will be operated as a state-of-the-art, company-owned facility and will have an annual production capacity of 6.6 million square meters of floor and wall tiles. The terms of the agreement state that the project preparation mechanism will be deployed during the pre-investment phase in order to reduce the risks of the project and make it quickly bankable, with early intervention sending a strong signal to the market about Afreximbank's commitment to the project. The project is expected to exploit and valorize Nigeria's underused natural resources by using clay to produce porcelain tiles for domestic and international markets and deploy proven technology to enable the country to exploit its natural resources on a large scale. It will create more than 700 jobs during its operating period, and is expected to generate exports estimated at 11.4 billion US dollars