Economy
Anambra Targets $200m Debt Financing
By Adedapo Adesanya
Anambra State and the African Export-Import Bank (Afreximbank) have signed a memorandum of understanding (MOU) to collaborate on the development of the Southeast state through the provision of project preparation and advisory services, including a potential debt financing programme of up to $200 million.
Under the terms of the MOU signed by Mrs Kanayo Awani, Afreximbank’s Executive Vice President, Intra-African Trade Bank, and Mr Charles Soludo, Governor of Anambra State, during the Anambra Investment Summit, Afreximbank and the state government will jointly prioritise strategic projects for preparation and funding, collaboratively evaluating each project to formulate a time-bound work programme for effective execution.
Afreximbank will work with the state government to establish bankability for key projects, including the Ikenga Mixed-Use Industrial City, the Anambra Export Emporium and the Akwaihedi Unubi Uga Automotive Industrial Park, as well as any other project agreed upon by the parties.
Afreximbank and the state government will also conclude all prerequisite actions necessary for securing a financing programme of up to $200 million from Afreximbank and its affiliated entities for the projects contingent upon the conclusion of a substantive agreement between the parties.
In addition, the MoU provides for the parties to collaborate on trade and investment promotion in Anambra State through the African Sub-Sovereign Governments Network (AfSNET) and facilitate the implementation of the African Continental Free Trade Agreement (AfCFTA).
The Cairo-based bank will work with the Anambra State Investment Promotion and Protection Agency to provide training and capacity building on trade and investment, undertake investment forums, identify and prepare strategic trade and investment projects and foster collaboration between sub-sovereign governments in Africa. The AfSNET network is expected to facilitate direct exchange of information and peer learning from sub-sovereign governments in Africa.
Other areas of collaboration covered in the MoU include the provision of transaction advisory services aimed at facilitating the procurement of debt and equity capital. It will also focus on export development advisory, twinning services, and senior debt structuring.
In an address to the summit, Mrs Awani, speaking on behalf of Mr Benedict Oramah, President and Chairman of the Board of Directors, said that Afreximbank’s mission aligned seamlessly with Anambra’s industrialization objectives, including its vision for a smart mega city, noting that the bank had identified the emergence of industrial parks and special economic zones as a strategic priority to accelerate Africa’s industrial infrastructure development.
“These facilities do not only optimize capital deployment but also drive economies of scale and nurture ecosystem development,” she said. “They also enable the use of otherwise inaccessible technologies and cutting-edge infrastructure”.
Noting that such projects required substantial funding, she said that innovative partnerships, including public-private partnerships, had emerged as instrumental bridges capable of closing the infrastructure gap that spanned the African continent, adding that the African private sector held immense potential to bolster a wide spectrum of public sector endeavours.
“Just as we have championed the transformative potential of industrial parks and special economic zones across Africa through public and private sector collaboration, committing over $1.5 billion so far to the realization of these projects, Afreximbank is ready to support Anambra State, as it is doing in Ogun and Abia States (Enyimba Industrial City), to promote similar projects here,” Mrs Awani continued.
“With peace and security gradually returning to the state, with our youth beginning to realize that their future cannot thrive in an environment of widespread insecurity, we can look forward to a similar $400 million industrial park project in collaboration with the state.
“It makes business sense to do so, and we have advanced discussions with Anambra State Investment Promotion and Protection Agency (ANSIPPA) to implement creating over 10,000 jobs while bringing export-oriented businesses to Anambra state,” she added.
The bank, leveraging its fundraising capabilities in Africa’s capital markets, could also raise funds that could be deployed into impactful infrastructure projects in the state using various financing instruments and mechanisms which could be explored with the state government, she noted.
She announced that the bank was implementing AfSNET, a platform for sub-sovereign governments throughout Africa to promote economic development and encourage intra-African trade and investment by allowing collaboration between the public and private sectors, facilitating peer learning, and allowing Afreximbank to take its products and services to the grassroots, where trade and investment actually take place.
She also announced that Afreximbank’s broader collaboration with Nigeria had been fruitful over the years and had seen the Bank invest over $36 billion into the Nigerian economy since its creation in 1993. Afreximbank flagship projects currently underway in Nigeria include the $300-million 500-bed Africa Medical Centre of Excellence in Abuja in partnership with King’s College, London, the Afreximbank Africa Trade Centre, also in Abuja, and the Africa Quality Assurance Centre in Shagamu, Ogun State, which is already operational.
By Dipo Olowookere
The Nigerian Exchange (NGX) Limited witnessed Santa Claus rally on Wednesday after it closed higher by 0.12 per cent.
Strong demand for Nigerian stocks lifted the All-Share Index (ASI) by 185.70 points during the pre-Christmas trading session to 153,539.83 points from 153,354.13 points.
In the same vein, the market capitalisation expanded at midweek by N118 billion to N97.890 trillion from the preceding day’s N97.772 trillion.
Investor sentiment on Customs Street remained bullish after closing with 36 appreciating equities and 22 depreciating equities, indicating a positive market breadth index.
Guinness Nigeria chalked up 9.98 per cent to trade at N318.60, Austin Laz improved by 9.97 per cent to N3.20, International Breweries expanded by 9.85 per cent to N14.50, Transcorp Hotels rose by 9.83 per cent to N170.90, and Aluminium Extrusion grew by 9.73 per cent to N16.35.
On the flip side, Legend Internet lost 9.26 per cent to close at N4.90, AXA Mansard shrank by 7.14 per cent to N13.00, Jaiz Bank declined by 5.45 per cent to N4.51, MTN Nigeria weakened by 5.21 per cent to N504.00, and NEM Insurance crashed by 4.74 per cent to N24.10.
Yesterday, a total of 1.8 billion shares valued at N30.1 billion exchanged hands in 19,372 deals versus the 677.4 billion shares worth N20.8 billion traded in 27,589 deals in the previous session, implying a slump in the number of deals by 29.78 per cent, and a surge in the trading volume and value by 165.72 per cent and 44.71 per cent apiece.
Abbey Mortgage Bank was the most active equity for the day after it sold 1.1 billion units worth N7.1 billion, Sterling Holdings traded 127.1 million units valued at N895.9 million, Custodian Investment exchanged 115.0 million units for N4.5 billion, First Holdco transacted 40.9 million units valued at N2.2 billion, and Access Holdings traded 38.2 million units worth N783.3 million.
By Adedapo Adesanya
Nigerian food and beverage company, Rite Foods Limited, has extended warm Yuletide greetings to Nigerians as families and communities worldwide come together to celebrate the Christmas season and usher in a new year filled with hope and renewed possibilities.
In a statement, Rite Foods encouraged consumers to savour these special occasions with its wide range of quality brands, including the 13 variants of Bigi Carbonated Soft Drinks, premium Bigi Table Water, Sosa Fruit Drink in its refreshing flavours, the Fearless Energy Drink, and its tasty sausage rolls — all produced in a world-class facility with modern technology and global best practices.
Speaking on the season, the Managing Director of Rite Foods Limited, Mr Seleem Adegunwa, said the company remains deeply committed to enriching the lives of consumers beyond refreshment. According to him, the Yuletide period underscores the values of generosity, unity, and gratitude, which resonate strongly with the company’s philosophy.
“Christmas is a season that reminds us of the importance of giving, togetherness, and gratitude. At Rite Foods, we are thankful for the continued trust of Nigerians in our brands. This season strengthens our resolve to consistently deliver quality products that bring joy to everyday moments while contributing positively to society,” Mr Adegunwa stated.
He noted that the company’s steady progress in brand acceptance, operational excellence, and responsible business practices reflects a culture of continuous improvement, innovation, and responsiveness to consumer needs. These efforts, he said, have further strengthened Rite Foods’ position as a proudly Nigerian brand with growing relevance and impact across the country.
Mr Adegunwa reaffirmed that Rite Foods will continue to invest in research and development, efficient production processes, and initiatives that support communities, while maintaining quality standards across its product portfolio.
“As the year comes to a close, Rite Foods Limited wishes Nigerians a joyful Christmas celebration and a prosperous New Year filled with peace, progress, and shared success.”
By Adedapo Adesanya
The Naira closed the pre-Christmas trading day positive after it gained N6.61 or 0.46 per cent against the US Dollar in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, December 24, trading at N1,443.38/$1 compared with the previous day’s N1,449.99/$1.
Equally, the Naira appreciated against the Pound Sterling in the same market segment by N1.30 to close at N1,949.57/£1 versus Tuesday’s closing price of N1,956.03/£1 and gained N2.94 on the Euro to finish at N1,701.31/€1 compared with the preceding day’s N1,707.65/€1.
At the parallel market, the local currency maintained stability against the greenback yesterday at N1,485/$1 and also traded flat at the GTBank forex counter at N1,465/$1.
Further support came as the Central Bank of Nigeria (CBN) funded international payments with additional $150 million sales to banks and authorised dealers at the official window.
This helped eased pressure on the local currency, reflecting a steep increase in imports. Market participants saw a sequence of exchange rate swings amidst limited FX inflows.
Last week, the apex bank led the pack in terms of FX supply into the market as total inflows fell by about 50 per cent week on week from $1.46 billion in the previous week.
Foreign portfolio investors’ inflows ranked behind exporters and the CBN supply, but there was support from non-bank corporate Dollar volume.
As for the cryptocurrency market, it witnessed a slight recovery as tokens struggled to attract either risk-on enthusiasm or defensive flows.
The inertia follows a sharp reversal earlier in the quarter. A heavy selloff in October pulled Bitcoin and other coins down from record levels, leaving BTC roughly down by 30 per cent since that period and on track for its weakest quarterly performance since the second quarter of 2022. But on Wednesday, its value went up by 0.9 per cent to $87,727.35.
Further, Ripple (XRP) appreciated by 1.7 per cent to $1.87, Cardano (ADA) expanded by 1.2 per cent to $0.3602, Dogecoin (DOGE) grew by 1.1 per cent to $0.1282, Litecoin (LTC) also increased by 1.1 per cent to $76.57, Solana (SOL) soared by 1.0 per cent to $122.31, Binance Coin (BNB) rose by 0.6 per cent to $842.37, and Ethereum (ETH) added 0.3 per cent to finish at $2,938.83, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) remained unchanged at $1.00 each.
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