check this out! Nigerian companies and sub-national have just signed some mega deals worth over $1 billion with the African Export-Import Bank at the Intra-Africa Trade Fair in Cairo, Egypt. The trade fair went down between Friday and Wednesday, and it was a real game-changer. Oando Plc came out on top, bagging an $800 million syndicated dual facility deal with Afreximbank. This sweet deal includes a $500 million Senior Secured Reserve Based Lending facility and a $300 million Receivables Backed Term Loan facility. What’s the plan with all that cash? Well, Oando Plc is eyeing a strategic acquisition of a 20 per cent participating interest in the Nigerian Agip Oil Company Limited, along with Oil Mining Leases 60, 61, 62, and 63, and the entire issued share capital of NAOC, all snatched from Eni S.A.
But wait, there’s more! United Bank for Africa Plc also got in on the action, signing a $150 million trade finance facility agreement under the Ukraine Crisis Adjustment Trade Financing Programme for Africa. This move is set to boost confidence in the settlement of international trade transactions for strategic imports. Oliver Alawuba, the Group Managing Director of UBA, is stoked about this, saying it’s a big win for their customers and a step towards deeper intra-Africa trade.
And that’s not all, Sterling Bank Plc also got a piece of the pie, sealing a $75 million deal with Afreximbank to promote non-oil exports within and outside Africa. This is a big deal for financing and expanding trade activities in Nigeria.
Even Anambra State got in on the action, signing a deal with Afreximbank at the IATF. They’re looking at a cool $200 million facility to support the development of three major projects in the state. These projects include the Ikenga Mixed-Use Industrial City Project, the Anambra Export Emporium, and the Akwaihedi Unubi Uga Automotive Industrial Park. It’s a major move for the state, and it’s all about boosting economic growth and development.
But wait, there’s more! The International Centre for Regional Integration and Trade Research at the Nnamdi Azikiwe University, Awka, Nigeria, also got in on the action, signing a Memorandum of Understanding with Afreximbank. It’s all about collaboration and working together to drive regional integration and trade. This is some exciting stuff, folks!