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General News

AFEX to Open Second Round of ₦100bn Funding Series to Strengthen Africa’s Agro-processors

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AFEX, Nigeria’s commodities market player and the country’s first private sector commodities exchange, has announced the reopening of its $240m (₦100bn) Asset-Backed Commercial Paper (ABCP) to help stabilize Nigeria’s agriculture sector by offering Agro-processors low-cost financing to bridge the funding gap between lenders and borrowers.

Today’s new funding, AFEX’s second in a three-year Commercial Paper program that started in Q4 2021, where $65m (₦27bn) was raised, seeks to raise an additional $175m (₦73bn) for processors unable to borrow in the commercial paper markets.

AFEX is improving the efficiency of commodity trading and enabling the broader capital market to tap into the African commodities sector. The ABCP is a short-term debt instrument typically providing investors with a competitive 15% return on their investment, and maturity is up to 270 days.

Agriculture remains one of the most important economic sectors for the continent, employing the majority of the population and accounting for 14% of GDP in sub-Saharan Africa (1). Yet, many African economies struggle with food security issues due to the gap between supply and demand.

While banks or other financial institutions typically issue the security itself, the ABCP Notes are sponsored by AFEX Commodities Exchange and the proceeds of the issuance will be used by AFEX Investment Limited to provide pre-qualified Agro-processors with working capital support to enable them to purchase commodities required for their production processes at an agreed price.

AFEX’s security is backed by the commodities serving as the credit enhancement in the transaction. AFEX lists the ABCP on ComX, its commodities trading platform, then engages capital market operators for subscriptions for a set time.

Funds raised are used to provide pre-qualified Agro-processors with working capital to purchase commodities required for their production processes at an agreed price.

Ayodeji Balogun, CEO at AFEX said, “AFEX has a strong track record in offering distinctively differentiated and innovative financial instruments to the marketplace, and this new Asset-Backed Commercial Paper will help bridge the gap between Agro-processors and investors.

Access to low-risk funding and capital is critical to empowering Africa to feed herself. We believe in making capital that is a right fit, in terms of timeliness and structure, available for all players in the value chain.

Based on our past performance, we are confident that we will attract even more financing from private investors and, subject to value for money, they will help us secure this $175m (₦73bn) investment in Africa’s food security.”

Since its launch in 2014, AFEX has committed to levelling-up Africa’s agro-tech sector; by helping the continent feed itself by boosting food security and making food production more efficient. Prior to 2021, in a first-of-its-kind for Africa, AFEX raised $48m (₦19bn) from their 20% oversubscribed Warehouse Receipt Backed Commercial Paper.


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General News

FG, Netherlands Partner on Digital Migration for NIS

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The Nigeria Immigration Service (NIS) strengthened bilateral relations with the Netherlands’ government through an agreement targeted at improving migration governance and border security.

This partnership was confirmed during a meeting at the NIS headquarters in Abuja, which was attended by a Dutch team led by Jurgen Bartelink, Chargé D’Affaires of the Embassy of the Netherlands in Nigeria.

The meeting focused on increasing bilateral migration cooperation and came after the comptroller general of Immigration, Kemi Nandap, paid a working visit to the Netherlands.

Under the agreement, the Dutch government pledged to continue supporting technology-driven solutions targeted at boosting Nigeria’s border control systems and improving migration management.

During the Netherlands Embassy diplomats handed over essential operational tools, such as Edison Software licence keys and the Passport Examination Programme Manual App.

According to NIS spokeswoman ACI Akinsola Akinlabi, “The partnership focuses on enhancing bilateral collaboration on migration management and reviewing ongoing capacity-building efforts.”

Bartelink, Chargé d’Affaires of the Netherlands Embassy in Nigeria, underlined the Netherlands’ commitment to helping Nigeria’s continuing border security and migration reforms.

Also speaking, Rob Bokhoven, head of international affairs, repatriation, and deportation services at the Dutch Ministry of Justice and Security, emphasised the country’s strong bilateral relations and announced plans to share a mobile border software solution with the NIS.

Receiving the equipment, Nandap said the delivery of the gadgets would boost West African country’s border security, significantly improve the service’s document verification border management capabilities and support the implementation of Nigeria’s National Migration Policy.

“The engagement will further reinforce the strategic partnership between Nigeria and the Netherlands advancing shared goals in migration governance, border security and international cooperation,” she added.


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AfDB Cuts Nigeria’s Growth Projection to 3.2%

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Peter Enogb, principal country economist, African Development Bank (AfDB), says the rise in global uncertainty, emanating from increases in global trade tariffs, has slowed Nigeria’s projected growth to 3.2% in 2025.

“Without this level of heightened uncertainty, our projections would probably have been somewhat higher. We’ve reduced our projections for Nigeria. We initially were projecting 3.5% – 3.6% growth in 2025.

“But given the current situation, our models are showing that we’re taking a more cautious approach. So that’s why we produced this and, of course, the main driver is uncertainty in the global economy,” Enogb said.

He said this at the launch of the 2025 Nigeria Country Focus Report (CFR) on Thursday.

AFDB projected that real GDP growth would hit 3.1% in 2026. Following the 2024 consumer price index (CPI) rebasing, with lower weights for food items, the inflation rate is expected to reduce over the medium term to 24.7% in 2025 and 17.3% in 2026.

As imports start to rise over the medium term, the current account is projected to decline to 3.9% of GDP in 2026.

The National Bureau of Statistics (NBS) reported that Nigeria’s headline inflation slowed for the second consecutive month to 22.97% in May. This is down from 24.48% at the start of the year

This is contrary to the World Bank projection that Nigeria’s economy would record steady growth of 3.6% despite the shift in the global trade dynamics.

Joseph Ogebe, head of research and development at Nigerian Economic Summit Group (NESG), also said that global uncertainty had been very high in recent times, resulting from the Trump 2.0 effect.

“And also with the recent war between Israel and the international community, we’ve seen what’s happening to oil prices. Even with the call-off of the war, we’ve seen the effect on oil prices too, which has implications on the fiscal side. So it has implications for the general economy,” he said.

The head of research at NESG said that rather than focusing on just growth, what should be looked at is a strategy called growth with depth.

“Growth with depth means that your growth must be diversified, export-led, productive, and technologically driven,” he said.

Ogebe said that if the Government works towards adopting a strategy of growth with depth, there is a tendency for the government to move towards its goal of achieving a $1 trillion economy by 2030.

The report revealed that the country’s recent policy moves, including fuel subsidy removal, exchange rate unification, and tax reforms, reflect a commitment to long-term transformation.

However, it also pointed out that at about 13%, Nigeria’s tax-to-GDP ratio is among the lowest in West Africa, noting that fiscal reforms are urgent.


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TikTok Expands Mental Health Support, Unveils Digital Safety Tools in Africa

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TikTok has announced the expansion of its global mental health fund to Sub-Saharan Africa and introduced new digital safety tools aimed at improving well-being on the platform.

The announcement was made at the inaugural Digital Well-being Summit held in Johannesburg, South Africa, with participants including government officials, mental health experts, NGOs and industry leaders from several African countries.

As part of the initiative, three organisations—South African Depression and Anxiety Group (SADAG), Mentally Aware Nigeria Initiative (MANI), and Kenya’s Mental360—were named as the first African beneficiaries of the platform’s $2.3 million Mental Health Education Fund.

TikTok also introduced an in-app guided meditation feature called “Sleep Hours,” rolled out globally to support better nighttime routines for users. The tool is automatically enabled for users under 18 from 10 p.m., with optional use for older users.

According to the company, the move is part of its broader efforts to support mental health, reduce stigma, and increase access to reliable support services on its platform.

The platform is also expanding access to local in-app mental health helplines across Africa, following successful pilots in Europe. The helplines will offer expert support on issues such as self-harm, harassment, and suicidal ideation.

Additionally, TikTok unveiled its first set of Mental Health Ambassadors in Africa under its collaboration with the World Health Organization. The ambassadors include medical professionals from South Africa, Nigeria, and Kenya.

Valiant Richey, TikTok’s Global Head of Trust and Safety Outreach, said the company remained committed to creating a safe and supportive space for users across all regions.

The summit featured discussions on online safety, digital literacy, and access to professional mental health resources, with support from local partners such as Spectra.


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