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 Adedapo Adesanya
Fitch Ratings has projected Nigeria’s external debt service to reach $5.2 billion this year from $4.7 billion in 2024, though it maintained a stable outlook for the country in its latest rating.
The agency also cited a minor delay in the payment of a Eurobond coupon due on March 28, 2025, as a reflection of persistent challenges in public finance management.
The rating firm had upgraded Nigeria’s long-term foreign-currency issuer default rating to ‘B’ from ‘B-’, with a stable outlook.
The $5.2 billion in debt service, according to Fitch, includes $4.5 billion in amortisation payments and a $1.1 billion Eurobond repayment due in November.
The development highlights the growing pressure on public finances despite ongoing economic reforms by the federal government.
Fitch noted, “The government external debt service is moderate but expected to rise to $5.2 billion in 2025 (with $4.5bn of amortisations, including a $1.1 billion Eurobond repayment due in November 2025), from $4.7 billion in 2024, and fall to $3.5 billion in 2026.”
It warned that although Nigeria’s external debt service remains within manageable levels, high-interest costs, weak revenue performance, and limited fiscal space remain significant concerns, adding that general government debt was expected to remain at about 51 per cent of GDP in 2025 and 2026.
However, it expressed concerns over the government’s revenue position, noting that interest payments will consume a substantial portion of income.
“We expect general government revenue-to-GDP to rise but to remain structurally low (averaging 13.3 per cent in 2025–2026), largely accounting for a high general government interest/revenue ratio, above 30 per cent, with federal government interest/revenue ratio of nearly 50 per cent,” it stated.
The company observed that Nigeria’s gross reserves rose to $41 billion at the end of 2024, before declining to $38 billion due to debt service payments.
Despite this, Fitch expects the country’s reserves to average five months of current external payments over the medium term, above the median for similarly rated economies, adding that recent policy reforms had contributed to increased foreign exchange inflows and better monetary stability, with inflation projected to average 22 per cent in 2025.
“Net official FX inflows through the CBN and autonomous sources rose by about 89 per cent in Q4 2024. We expect continued formalisation of FX activity to support the exchange rate, although we anticipate modest depreciation in the short term,” a part of the report stated.
It commended the government’s commitment to economic reforms, including the removal of fuel subsidies, liberalisation of the exchange rate, and tightening of monetary policy, noting that these steps had improved policy credibility and strengthened Nigeria’s ability to absorb shocks.
However, the agency warned that risks to Nigeria’s external and fiscal position remained, particularly if oil prices fall or policy implementation slows down.
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By Adedapo Adesanya
The Katsina State government has attracted an investment worth about $500 million for the development, financing and execution of a series of major energy infrastructure projects across the state.
The state government recently sealed the deal with a United Kingdom-based leading Pan-African clean energy infrastructure development and asset management company, Genesis Energy Holding.
The Memorandum of Understanding (MOU) between the two parties outlines a strategic partnership for the development, financing, construction, operation, and maintenance of key energy projects.
In addition, these projects aim to accelerate the industrialisation and socio-economic advancement of Katsina State and provide clean, reliable, and sustainable energy solutions for the region.
It also provides the framework for the collaborative development of a diverse portfolio of energy projects, focusing on solar, wind, hydro, mini-grids, and natural gas solutions.
The Governor of Katsina State, Mr Dikko Radda, described the partnership as “a significant step toward providing reliable, cost-effective, and environmentally friendly power solutions, fostering economic growth, and attracting investments to Katsina State.”
“This MOU represents a major milestone in our ongoing efforts to build resilient infrastructure that will not only address Katsina’s immediate energy needs but also lay the foundation for a prosperous and greener future for generations to come.
“The first of the series of projects being constructed under this partnership will shortly be commissioned before the end of this April 2025,” he added.
On his part, the Chairman and CEO of Genesis Energy, Mr Akin II Omoboriowo, noted that, “Lighting Up Africa is more than just a vision for Genesis; it is the very heartbeat that drives us. We are committed to enduring the rigorous process of developing and financing projects to bring sustainable energy solutions to the continent.
“For Genesis Energy, this marks a significant milestone as we continue to actively partner with Katsina State in achieving energy independence, creating a pivotal opportunity to industrialize the state and position it as a major player in clean and renewable energy generation.”
The primary objective of this collaboration is to address the state’s growing energy needs and support the Nigerian Government’s broader energy security and sustainability goals.
The MOU lays the foundation for creating a multi-phased energy platform that will provide power to critical sectors, including healthcare, industry, and agriculture while contributing to the regional transition to a green economy.
The key initiative of the MOU involves powering critical sectors and providing critical energy infrastructure across key sites across the State, deploying suitable energy technologies.
Phase One of the projects is expected to be executed concurrently across multiple initiatives, aimed at promoting energy independence, facilitating industrialisation, creating jobs, and displacing significant amounts of CO² emissions.
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