Nigerian Firms Secure Over $1 Billion in Deals at IATF

Nigerian companies and sub-national entities have successfully signed deals totaling over $1 billion with the African Export-Import Bank at the Intra-Africa Trade Fair (IATF) in Cairo, Egypt.

During the trade fair held from Friday to Wednesday, Oando Plc emerged as the largest beneficiary, finalizing an $800 million syndicated dual facility deal with Afreximbank. The financial package includes a $500 million Senior Secured Reserve Based Lending facility and a $300 million Receivables Backed Term Loan facility. The deal aims to support Oando’s strategic acquisition of a 20% participating interest in the Nigerian Agip Oil Company Limited, including Oil Mining Leases 60, 61, 62, and 63, as well as the entire issued share capital of NAOC, acquired from Eni S.A.

United Bank for Africa Plc also signed a $150 million trade finance facility agreement under the Ukraine Crisis Adjustment Trade Financing Programme for Africa. The facility is expected to enhance confidence in settling international trade transactions for strategic imports.

Sterling Bank Plc secured a $75 million deal with Afreximbank to promote non-oil exports within and outside Africa, with the goal of financing and deepening trade activities in Nigeria.

Anambra State signed a deal with Afreximbank at the IATF, involving financial advisory services for an estimated $200 million facility to support the development of three major projects in the state, including the Ikenga Mixed-Use Industrial City Project, the Anambra Export Emporium, and the Akwaihedi Unubi Uga Automotive Industrial Park.

Additionally, the International Centre for Regional Integration and Trade Research at Nnamdi Azikiwe University, Awka, Nigeria, signed a Memorandum of Understanding with Afreximbank during the event.

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