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 it support 1.2 million smallholder farmers across 26 states of Nigeria where it operates.

Aside operating in Nigeria, the company also operates in four other countries such as Ghana, Kenya, Uganda, and Rwanda, helping smallholder famers to scale.

Announcing the successful debut of its commercial paper issuance, during the signing ceremony of its N5.3 billion Series 1 issuance between ThriveAgric and the lead issuing house, Anchoria Advisory Services, including other joint issuing houses, like BAS Capital, FCMB Capital Markets, FCSL, and Mulbery, the company said the Series 1 issuance was oversubscribed due to substantial institutional demand, enabling the company to increase its initial N5 billion target and close the issuance at approximately N5.3 billion.

The successful issuance marks ThriveAgric’s debut in the Nigerian debt capital markets and represents a significant milestone in the company’s growth and funding strategy.

The issuance follows the Securities and Exchange Commission’s (SEC) approval of ThriveAgric’s N50 billion Commercial Paper Programme, under which the Series 1 issuance was successfully completed. The Commercial Paper Programme provides the company with a platform to access the capital markets to support its growing working capital and expansion requirements.

The strong institutional participation reflects growing investor confidence in ThriveAgric’s financial strength, technology driven operating platform and business model. The successful transaction also establishes an additional funding channel for the company as it continues to scale its operations and deepen its presence across Nigeria’s agricultural value chain.

According to ThriveAgric, the proceeds from the issuance will be deployed towards strengthening the company’s working capital base, supporting commodity aggregation and procurement, expanding its network of out-grower farmers, and scaling its agricultural trading operations across its operational hubs.

Speaking about on the milestone during the signing ceremony in Lagos, CEO and Co-Founder of ThriveAgric, Uka Eje, said: “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. 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. 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.”

Speaking on behalf of the transaction syndicate, Managing Director, Anchoria Advisory Services Limited, Damilola Titiladunayo, said: “The oversubscription of this Series 1 issuance is a strong signal of institutional confidence, both in ThriveAgric’s credit profile and in the structure, we brought to market. As Lead Issuing House, our role is to package a business with real operational depth into a bankable, well-governed capital markets instrument – and the market’s response validates that work.

“This transaction also reflects a broader shift we’re seeing, investors are increasingly ready to back Nigeria’s real economy, including agriculture, through structured capital markets instruments, not just traditional lending. We look forward to supporting ThriveAgric through the remaining tranches of the

N50 billion programme”, Titiladunayo added.

Addressing ThriveAgric’s investments in smallholder farmers, Eje said: “Primarily, we are focusing a lot more on the cash crop and also on local commodities. We need both local demand and international demand. We support the growth of soybeans, sesame, sorghum, maize, among others.”

“ThriveAgric acknowledged the critical role played by the transaction advisors, lead and joint arrangers, legal counsels, rating agencies, and participating institutional investors – including pension fund administrators, asset managers, and commercial banks, whose support ensured the successful execution and oversubscription of this landmark debut raise,” Eje further said.