Economy
Norsad, TLG Create $400m Credit Platform for African SMEs
By Dipo Olowookere
A credit platform worth $400 million to meet the funding needs of small and medium enterprises (SMEs) across sub-Saharan Africa (SSA) has been created by the duo of Norsad Capital and TLG Capital.
A statement disclosed that the two organisations aim to leverage each other’s structuring and legal expertise, including a presence in SSA, to provide the ideal financing solutions for their clients.
Both companies are long-standing investors in the region and, alongside financial return, aim to create strong social impact by financing primarily the mid-market growth companies that are profitable, stable, and poised to expand but lack the required financing to do so.
It was further stated that the partnership would allow for the building and enhancing of the capabilities of both firms by sharing, presenting, and co-investing in well-structured credit investment opportunities with strong layers of downside protection and equity upsides embedded.
This partnership will, amongst others, further promote syndication opportunities and platforms, risk participation structures, jointly offer larger ticket sizes, and provide a balanced capital offering with a mix of senior and subordinated debt.
“Our purpose as an organisation is to build a better Africa by providing financing to mid-market growth companies that contribute towards the continent’s economic growth and improvement.
“This partnership with TLG Capital is a demonstration of two entities that have, over the years, noted that lack of access to finance for businesses in Africa limits their ability to expand.
“We will bring our joint expertise to address some of the issues, demonstrating our commitment to creating a sustainable impact in the region.
“Our relationship with TLG Capital has been fostered over time, and we are excited to be working with an organisation that shares our vision and is flexible enough to experiment and drive growth in Africa,” the chief executive of Norsad, Kenny Nwosu, said.
Also commenting, the Partner, and co-founder of TLG, Zain Latif, said, “Norsad is a well-known, well-respected institution within the African investment landscape, and we have known each other for years.
“It is, therefore, a pleasure to announce we will be working closely going forward, particularly given Norsad has been investing in credit deals in Africa for over three decades, longer than anyone else we have come across.
“Norsad’s focus on creating a positive social return across the regions it invests in also speaks to TLG’s mandate, and we look forward to a bright future together. As we continue to build on our venture financing deals, Norsad is the right partner to help drive that narrative over the next few years.”
Business Post reports that Norsad aims to impact the lives of 100 million Africans by 2030 positively. It has invested over $500 million into over 160 companies over its 32-year history.
On its part, TLG Capital aims to unlock $5 billion in African economic growth by investing in SMEs to accelerate their growth into Pan-African titans.
By Adedapo Adesanya
The Naira appreciated by 2.3 per cent month-on-month against the US Dollar, averaging N1,500.97 per Dollar in February compared to N1,535.95 per Dollar in January 2025.
This is according to recent data from the Central Bank of Nigeria (CBN), which showed that the Nigerian currency strengthened against major currencies last month at the official market.
Similarly, the Naira strengthened by 1.8 per cent against the Euro, averaging N1,562.35/€1 versus N1,590.72/€ and by 0.65 per cent against the Pounds Sterling at N1,882.0/£1 in February 2025 compared with N1,894.2/£1 in January 2025.
This improvement in the value of the local currency came on the heels of a series of strategic policies implemented by the CBN to stabilize and strengthen the domestic currency.
These key measures included the introduction of the Electronic Foreign Exchange Matching System (launched on December 2, 2024), the Nigeria Foreign Exchange Code (January 28, 2025) and selective intervention in the foreign exchange market.
The apex bank also helped quell Naira volatility by clearing a backlog of orders to sell Naira for foreign currency and boosting dollar supply to the Bureau de Change (BDC) operators by extending its access window.
However, Nigeria’s foreign reserves witnessed constant drops to a month low of $2.2 billion in February, since hitting a $40.92 billion high on January 6.
Market analysts noted that it would be imperative to sustain and build on this momentum with further efforts needed including support of local businesses to produce substitutes for imports, through improved access to credit and technology.
In addition to domestic support, critical investments in the health and education sectors are essential to reduce the demand for foreign services, such as medical and health tourism.
In another set of data, currency outside banks surged by 44.5 per cent in January 2025 to N4.7 trillion by January 2025 up from N3.3 trillion in January 2024, according to the latest data from the Money and Credit statistics of the apex bank.
Meanwhile, currency outside the bank represents 12.8 per cent of narrow money in January 2025, an increase from 10.4 per cent in January 2024.
Also, currency outside banks as a percentage of total money supply (M3) increased in January 2025 to 4.3 per cent from 3.5 per cent during the same period last year. Thus indicates a growing preference for cash-based payments and an expansion of the informal economy.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange suffered a 0.26 per cent decline on Wednesday March 19 after the two securities closed lower and one appreciated.
Afriland Properties Plc depleted by N1.67 to trade at N19.52 per unit compared with the preceding day’s N21.19 per unit and Food Concepts Plc dropped 12 Kobo to close at N1.55 per share versus Tuesday’s value of N1.67 per share, while Geo Fluids Plc added 10 Kobo to trade at N2.85 per unit, in contrast to the preceding session’s N2.75 per unit.
At the close of transactions, the NASD Unlisted Security Index (NSI) went down by 8.74 points to 3,377.98 points from the previous trading day’s 3,386.72 points, and the market capitalisation contracted by N5.05 billion to settle at N1.951 trillion compared with the preceding day’s N1.956 trillion.
During the trading day, the volume of securities bought and sold at the bourse fell by 55.8 per cent to 31.3 million units from the 195,796 units recorded on Tuesday, the value of securities traded shrank by 551.4 per cent to N33.3 million from the N5.1 million quoted at the preceding session, and the number of deals executed declined by 20.7 per cent to 23 deals from 29 deals.
Impresit Bakolori Plc remained the most active stock by value (year-to-date) with 533.9 million units worth N520.9 million, followed by FrieslandCampina Wamco Nigeria Plc with 13.0 million units valued at N505.1 million, and Afriland Properties Plc with 17.5 million units valued at N359.0 million.
Also, Impresit Bakolori Plc was the most active stock by volume (year-to-date) with 533.9 million units worth N520.9 million, trailed by Industrial and General Insurance (IGI) Plc with 69.9 million units worth N23.7 million and Geo-Fluids Plc traded 44.0 million units sold for N88.9 million.
By Adedapo Adesanya
It was still a bad day for the Naira in the Nigerian Autonomous Foreign Exchange Market (NAFEM) on Wednesday, March 19 as its value further depreciated by a 0.74 per cent or N11.40 on the US Dollar to close at N1,547.52/$1 compared with the previous day’s value of N1,536.12/$1.
It was the third straight trading day the exchange rate of the Nigerian currency was going under against its American counterpart in the official market as a result of sustained FX pressure despite efforts of the Central Bank of Nigeria (CBN) to stabilise the ecosystem.
The currency market is already reacting to the explosion that affected the Trans-Niger Pipeline in Rivers State on Monday night. The facility feeds crude oil to the Bonny export terminal. There are reports that operations have again resumed but the political tension in the state is fueling worries about FX earnings.
Business Post reports that the domestic currency stumbled against the Pound Sterling yesterday in the spot market by N35.50 to sell at N1,985.39/£1 versus N1,949.89/£1 but gained N5.39 on the Euro to settle at N1,668.11/€1 versus the preceding session’s rate of N1,673.50/€1.
As for the parallel market, the value of the Nigerian Naira against the US Dollar remained unchanged during the session as N1,585/$1.
In the digital currency market, most of the tokens appreciated after the US Federal Reserve left rates steady, as expected, but sharply cut its growth outlook while upping its inflation forecast.
The US Federal Reserve left its benchmark fed funds rate range steady at 4.25 per cent -4.50 per cent on Wednesday, the second consecutive pause since three straight rate cuts to end 2024.
The US central bank quarterly economic projections, though, showed a sharp decline in expectations for economic growth, with the GDP increase in 2025 now seen at just 1.7 per cent versus 2.1 per cent at the December forecast. The growth outlooks for 2026 and 2027 were trimmed as well.
Ripple (XRP) grew by 7.3 per cent to $2.45, Solana (SOL) increased by 6.7 per cent to $134.56, Dogecoin (DOGE) increased by 4.2 per cent to $0.1746, Ethereum (ETH) jumped by 3.9 per cent to $2,013.42, Bitcoin (BTC) rose by 3.3 per cent to $85,916.02, Cardano (ADA) also soared by 3.3 per cent to $0.7310, Litecoin (LTC) gained 2.9 per cent to sell at $92.61, and Binance Coin (BNB) chalked up 1.9 per cent to settle at $628.49, while the US Dollar Tether (USDT) and the US Dollar Coin (USDC) traded flat at $1.00 each.
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