Economy
Private Credit Overtakes Equity as Preferred Funding Model in Africa—Report
By Adedapo Adesanya
Private credit is rapidly replacing equity-led growth as the dominant financing model across Africa, marking a fundamental shift in how businesses on the continent access capital, according to a new industry report released by TheBoardroom Africa.
The report, which draws insights from 30 senior executives, founders, investors and policymakers across more than 20 sectors, indicates that investors are increasingly prioritising cash flow stability and operational resilience over ambitious growth narratives and market-size projections.
According to the findings, the shift comes as global venture capital funding continues to contract and exit opportunities become more limited, forcing African businesses to adapt to a new financing reality.
Recall that the composition of capital has shifted meaningfully, with debt also playing a much larger role in sustaining funding volumes. In April 2026, startups raised $110 million, marking the lowest monthly funding volume since March 2025, when startups raised $52 million, and falls significantly short of the previous 12-month average of $275 million per month.
The report shared with Business Post said structured debt facilities, revenue-linked financing instruments and risk-partitioned credit solutions are gaining prominence as investors seek more predictable returns in challenging economic conditions.
The report notes that access to capital is no longer primarily driven by growth potential but by a company’s ability to demonstrate sustainable performance and financial discipline. As a result, accurate risk pricing, strong repayment records and operational credibility are becoming critical factors in attracting funding from both local and international investors.
TheBoardroom Africa, the continent’s executive search and leadership advisory firm, in the report identified four major structural shifts reshaping capital allocation, regulatory priorities and competitive positioning across African markets.
Beyond the transformation in financing models, the report highlights the growing role of artificial intelligence (AI) as an essential component of business operations. Across sectors such as financial services, healthcare, energy and compliance, AI has evolved from an experimental technology into a critical infrastructure supporting fraud detection, credit underwriting, workflow optimisation and regulatory monitoring.
The report also noted that competitive advantage is increasingly determined not by AI adoption alone but by the governance frameworks organisations establish to manage automated systems responsibly.
“Boards are increasingly expected to interrogate explainability, accountability, and automated decision-making as central governance concerns, not technical matters to delegate downward,” it said.
In healthcare, the study points to a significant transition from volume-based care models to value-based systems focused on patient outcomes and cost efficiency. Healthcare delivery is also becoming more decentralised, with outpatient centres, community-based facilities and virtual platforms playing a greater role in service provision.
The report further identifies impact investment as an important complement to public healthcare funding, helping to address financing gaps while supporting innovation and accessibility across the sector.
Another major trend identified is the evolution of corporate governance from policy-driven compliance to evidence-based accountability. Environmental, Social and Governance (ESG) considerations, AI ethics, cybersecurity and social impact metrics are increasingly converging into a single framework through which organisations are assessed.
According to the report, investors and stakeholders are placing greater emphasis on demonstrable outcomes and audit trails rather than policy statements alone, making institutional integrity a key determinant of long-term competitiveness.
Commenting on the findings, the Founder and Chief Executive Officer of TheBoardroom Africa, Ms Marcia Ashong-Sam, said Africa’s leaders are increasingly building institutions capable of demonstrating the continent’s investment potential.
She noted that many of the most significant discussions shaping Africa’s future often remain confined to boardrooms and investment committees, adding that the report seeks to bring those insights into the public domain.
The report advised that the businesses best positioned for success will be those capable of proving resilience, governance strength and sustainable performance in an increasingly demanding investment environment.
By Adedapo Adesanya
The Nigeria Customs Service (NCS) is seeking a reduction in import duty exemptions, which rose to N34 trillion, limiting its ability to increase its revenue generation threshold.
The Comptroller-General of the Customs Service, Mr Adewale Adeniyi, disclosed that the value of import duty exemption certificate approvals increased to that level in 2025, describing the policy as one of the major factors restricting its revenue generation.
At an investigative session of the Senate Committee on Finance with revenue-generating agencies in Abuja on Monday, Mr Adeniyi explained that government fiscal policies have continued to impact the revenue-generating capacity of the Customs Service, both positively and negatively.
“The NCS would have generated significantly higher revenue over the years if not for government-approved import duty waivers and other external factors affecting collections,” he said.
He added that the Import Duty Exemption Certificate scheme, introduced in March 2020, accounted for about N34 trillion in approvals in 2025, with nearly 60 per cent covering duty-free importation of military hardware due to Nigeria’s prevailing security challenges.
Other government-backed duty waivers, he noted, covered the importation of Compressed Natural Gas (CNG), electric and hybrid vehicles, healthcare equipment and medical supplies, industrial machinery and manufacturing inputs, as well as food import intervention programmes.
While acknowledging the impact of the waivers on Customs revenue, Mr Adeniyi argued that fiscal policy should not be assessed solely on the basis of revenue generation but also on its broader economic and social objectives.
He, however, urged the federal government to establish stronger monitoring mechanisms to ensure beneficiaries of duty waivers deliver the intended economic outcomes, including lower consumer prices, increased local production and improved healthcare access.
The committee also expressed displeasure over the absence of several heads of government agencies invited to the hearing, including the Nigerian Civil Aviation Authority (NCAA), Small and Medium Enterprises Development Agency of Nigeria (SMEDAN), Industrial Training Fund (ITF), and the Federal Medical Centre (FMC), Jabi.
The Chairman of the Senate Committee on Finance, Mr Sani Musa, warned that the affected chief executives must appear at the committee’s next sitting or face severe sanctions under the Senate’s rules.
In the competitive world of online trading, finding a trading brokerage partner that balances reliability, technological innovation, and accessible conditions is essential. Headway broker has emerged as a significant player, currently serving over 4 million users globally.
In this article, we take a detailed look at what makes this broker for trading a notable option for both novice and experienced traders.
Headway Regulatory Foundation and Safety
Safety is the cornerstone of any trading relationship. Headway broker operates under the regulation and licensing of the Financial Sector Conduct Authority (FSCA). This regulatory oversight ensures that the broker adheres to strictly defined standards for transparency and operational conduct, providing traders with an added layer of security and confidence when managing their portfolios.
Trading Platforms and Instruments
Efficiency in trading Forex and other markets is driven by the tools at your disposal. Headway provides a robust technological trading ecosystem:
Industry-Standard Platforms: The broker fully supports MetaTrader 4 (MT4) and MetaTrader 5 (MT5), the most widely used platforms for technical analysis and automated trading.
Proprietary Mobile App: For traders who prioritize mobility, Headway offers its own custom-built trading app. It is readily available for download on both Google Play and the App Store, allowing for seamless account management and trading on the go.
Diverse Market Access: Traders have a wide range of opportunities with access to over 300 trading instruments, ensuring plenty of choice for different strategies and asset classes.
Trading Account Types Offered by Headway
Headway broker understands that every trader enters the market with a different level of experience:
Three Account Tiers: To ensure inclusivity, the broker offers three distinct types of accounts (Cent, Standard and Pro), tailored to suit different levels of expertise and capital requirements.
Demo Account: For those looking to refine their skills without financial risk, Headway provides a comprehensive demo trading account. This is the perfect environment to practice strategies, understand how the platform works, and gain confidence before transitioning to live trading.
Customer Support and Incentives
Headway supports its user base with comprehensive resources and financial incentives:
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IB Partnership Program: Beyond individual trading, Headway fosters growth through its Introducing Broker (IB) partnership program. This allows partners to build their business and earn commissions by referring new traders to the platform.
Conclusion
With its combination of FSCA regulation, a vast range of instruments, and modern platforms like MT4, MT5, and its own proprietary app, Headway FX broker provides a comprehensive environment for modern traders. Whether you are using the demo account to hone your skills or taking advantage of the 150 no deposit welcome bonus, this broker offers the stability and tools needed for your trading journey.
By Adedapo Adesanya
The NASD Over-the-Counter (OTC) Securities Exchange rose by 0.40 per cent on Monday, July 13, buoyed by buying interest in 11 Plc, Central Securities Clearing System (CSCS) Plc and UBN Property Plc, which offset the profit-taking in Food Concepts Plc, the parent company of Chicken Republic.
11 Plc gained N20.69 to end at N227.64 per share compared with last Friday’s price of N206.95 per share, CSCS Plc grew by N1.83 to N91.48 per unit from N89.65 per unit, and UBN Property Plc added 1 Kobo to sell at N1.81 per share versus N1.80 per share.
On the flip side, Food Concepts Plc depreciated by 24 Kobo to close at N2.45 per unit, in contrast to the preceding session’s N2.69 per unit.
As a result, the market capitalisation increased by N9.2 billion to N2.587 trillion from N2.578 trillion, and the NASD Security Index (NSI) improved by 15.33 points to 4,311.67 points from 4,296.34 points.
Yesterday, the volume of securities traded by investors surged by 615.9 per cent to 9.1 million units from the previous 1.3 million units, and the value of securities rose by 997.1 per cent to N320.4 million from the preceding session’s N29.2 million, while the number of deals decreased by 12.5 per cent to 28 deals from last Friday’s 32 deals.
At the close of trades, Great Nigeria Insurance (GNI) Plc remained the most active stock by value on a year-to-date basis, with 3.4 billion units valued at N8.4 billion, followed by Infrastructure Credit Guarantee (Infracredit) Plc with 2.3 billion units worth N6.5 billion, and CSCS Plc with 73.9 million units exchanged for N5.2 billion.
GNI Plc also closed the session as the most traded stock by volume on a year-to-date basis, with 3.4 billion units sold for N8.4 billion, followed by Infracredit Plc with 2.3 billion units traded for N6.5 billion, and Resourcery Plc with 1.1 billion units transacted for N415.7 million.
