THRIVEAGRIC RAISES ₦5.3BN IN DEBUT COMMERCIAL PAPER ISSUANCE

Technology-driven agricultural company ThriveAgric has raised approximately ₦5.3 billion through its debut commercial paper issuance, exceeding its initial ₦5 billion target after attracting strong institutional demand.

The Series 1 issuance followed approval from the Securities and Exchange Commission for the company’s ₦50 billion Commercial Paper Programme, which provides a platform for raising funds to support working capital and business expansion.

ThriveAgric said the proceeds would be used to strengthen its agricultural operations, expand its network of outgrower farmers, and support commodity aggregation and trading across Nigeria.

The company said priority would be given to commodities including soybeans, sesame, sorghum, and maize, which serve both domestic and international markets.

ThriveAgric’s Chief Executive Officer and Co-Founder, Uka Eje, said the successful issuance would provide the company with greater financial flexibility to expand its operations and deepen its support for smallholder farmers.

The company currently works with an estimated 1.2 million to 1.5 million smallholder farmers across 26 states in Nigeria.

The commercial paper has tenors of 170 days and one year, providing short-term financing for working capital needs.

The Lead Issuing House, Anchoria Advisory Services Limited, said the oversubscription reflected growing institutional confidence in ThriveAgric and increased investor interest in Nigeria’s real economy.

ThriveAgric said it has facilitated more than $150 million in financing over nearly a decade and remains focused on strengthening agricultural supply chains and food production.