ThriveAgric Secures N5.3 Billion in Commercial Paper to Boost Smallholder Farmers in Nigeria

ThriveAgric, a prominent technology-driven agricultural company, has successfully raised N5.3 billion in its Series 1 funding round from the capital market. This issuance is part of a larger N50 billion Commercial Paper Programme designed to bolster its support for 1.2 million smallholder farmers across 26 states in Nigeria.

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Securing SEC approval for our N50 Billion Commercial Paper Programme and completing this oversubscribed N5 Billion Series 1 raise, validates our disciplined approach to corporate governance and capital management.

The company, which also operates in Ghana, Kenya, Uganda, and Rwanda, aims to help smallholder farmers scale their operations. The Series 1 issuance was notably oversubscribed, exceeding ThriveAgric's initial target of N5 billion and closing at approximately N5.3 billion due to substantial institutional demand. This marks ThriveAgric's debut in the Nigerian debt capital markets and signifies a major milestone in its growth and funding strategy.

The successful transaction follows the Securities and Exchange Commission's (SEC) approval of ThriveAgric's N50 billion Commercial Paper Programme. This platform provides the company with access to capital markets to meet its growing working capital and expansion needs. The strong institutional participation underscores a rising investor confidence in ThriveAgric's financial stability, its technology-based operating platform, and its overall business model.

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Beyond the numbers, this institutional backing provides us with the financial flexibility to scale our operations, deepen our out-grower networks, and ensure prompt off-take for smallholder farmers.

Proceeds from the issuance will be allocated to strengthening the company's working capital, supporting commodity aggregation and procurement, expanding its network of out-grower farmers, and scaling its agricultural trading operations. CEO and Co-Founder Uka Eje stated, "Securing SEC approval for our N50 Billion Commercial Paper Programme and completing this oversubscribed N5 Billion Series 1 raise, validates our disciplined approach to corporate governance and capital management." He added that this institutional backing provides the financial flexibility to scale operations, deepen out-grower networks, and ensure prompt off-take for farmers, expressing gratitude to investors and partners for their trust in building a resilient, tech-led agricultural ecosystem across Africa.

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We are deeply grateful to our investors and capital market partners for their trust as we continue to build a resilient, tech-led agricultural ecosystem across Africa.