By Blessing Fali
Agricultural firm ThriveAgric has raised N5.3bn through its debut commercial paper issuance, exceeding its initial N5bn target following strong investor demand.
The company said the funds would support its agricultural operations, including commodity aggregation, expansion of its outgrower network and increased trading activities.
The issuance was conducted under ThriveAgric’s N50bn Commercial Paper Programme approved by the Securities and Exchange Commission.
The company said the funds would be channelled into cash crops and commodities including soybeans, sesame, sorghum and maize, with a focus on both domestic and international markets.
ThriveAgric said the successful fundraising would strengthen its financial capacity, support smallholder farmers and expand its contribution to Nigeria’s agricultural value chain.
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