ThriveAgric Raises N5.3bn via Commercial Paper to Support Smallholder Farmers
Emma Okonji ThriveAgric, a leading technology-driven agricultural company has successfully raised N5.3 billion series 1 funding from the capital market in a N50 billion Commercial Paper Programme that will enable
T h r i v eAgr ic, a tech-driven agricultural firm, has successfully raised N5.3 billion through a commercial paper program, enabling it to support 1.2 million smallholder farmers across 26 states of Nigeria. The funding, which marks the company's debut in the Nigerian debt capital markets, was oversubscribed due to substantial institutional demand.
ThriveAgric operates in Nigeria and four other African countries, including Ghana, Kenya, Uganda, and Rwanda. The company's proceeds from the issuance will be used to strengthen its working capital base, support commodity aggregation and procurement, expand its network of out-grower farmers, and scale its agricultural trading operations.
CEO and Co-Founder of ThriveAgric, Uka Eje, expressed gratitude to investors and capital market partners for their trust, stating that the funding will allow the company to scale its operations, deepen its out-grower networks, and ensure prompt off-take for smallholder farmers.
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