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Nigerian Lenders Fund Agro-Industry With N4.68tr In 2018-2022

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As the Federal Government of Nigeria (FGN) and the government of the 36 states and FCT continue to seek ways out of the current national food crises, a recent report shows that Nigeria’s commercial banks gave N4.68 trillion as loans to the country’s agricultural industry from 2018-2022.

Titled “Commercial Bank Lending to the Nigerian Agricultural Industry 2018-2022,” the report was published by an Abuja-based firm, Alford Conferences Limited, as part of its preparation towards its event called Nigerian Food Surplus Summit.

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On the report, the Chief Executive Officer of Alford Conferences, Frederick Apeji, stated, “We advocate that Nigeria’s commercial banking sector should seek creative ways to increase the share of its loan portfolio devoted to growing the country’s agricultural industry in the years ahead, beyond the 5.03% that it gave to the industry during the period under review. More importantly, we also advocate that the government of the 36 states and FCT should deliberately work more closely with these commercial banks in order to attract appropriate funding for bankable businesses and projects across the agricultural value chains in their respective domains.

“The total five-year bank lending of N4.68 trillion given to the agricultural industry compares favourably with the N8.18 trillion internally generated revenue (IGR) that was raised collectively in these past five years by the FCT and the 36 states. This IGR figure is tracked annually by Alford Conferences Limited. Another figure worthy of comparison is the N1.12 trillion Anchor Borrowers Fund established by the Central Bank of Nigeria (CBN) in November 2015 to support small holder farmers (SHF) throughout the country.”

The CEO highlighted that the report studied only banks licensed by the Central Bank of Nigeria (CBN) to operate in Nigeria, and those who “had at least N1tr in loans and advances during the period under review (2018-2022)”.

According to Apeji, “We focused on those banks that hold the CBN license to operate either internationally or nationally to produce this report Amongst them (22 in all), we looked at the ones that had at least N1tr in loans and advances during the period under review (2018-2022), irrespective of how much they gave to the Nigerian agricultural industry. The 12 banks thus captured in this report are (in order of the size of their loan portfolio): Access Holdings Plc, Zenith Bank Plc, FBN Holdings Plc, United Bank for Africa Plc, Guaranty Trust Holding Company Plc, Fidelity Bank Plc, Ecobank Nigeria Limited, First City Monument Bank Plc, Stanbic IBTC Holdings Plc, Sterling Financial Holdings Company Plc, Union Bank of Nigeria Plc and Wema Bank Plc.”

Based on the report, Access Holdings was the biggest lender in Nigeria from January 1, 2018-December 31, 2022 (N17.386 trillion) and also the biggest lender to the country’s agricultural industry (N928.55 billion) during this period. Zenith Bank was the 2nd biggest lender in Nigeria (N14.278 trillion), and also the 2nd biggest lender to the country’s agricultural industry (N873.36 billion). FBN Holdings, the 3rd biggest lender in Nigeria with N12.411 trillion, however ranked 7th among the 12 banks in this report based on its total loans of N285.18 billion to the agriculture.

The report further indicated that Ecobank Nigeria gave the highest percentage of its total loans of N4.68 trillion to the agricultural industry. This stood at N574.69 billion, representing 12.28%. Sterling Bank and FCMB Group ranked 2nd and 3rd respectively in terms of their percentage commitment to supporting the Nigerian agricultural industry these past five years. Though small players in the banking industry, they gave 8.19% and 7.58% respectively to agriculture, historically the biggest employer of labour in this country. The three other banks that performed better than the industry average of 5.03% in agricultural lending during this period were Zenith Bank (6.12%), Access Holdings (5.4%) and Stanbic IBTC Holdings Plc (5.33%).

Established in April 2014, Alford Conferences Limited, the convener of the annual Nigeria Food Surplus Summit, is an event production company and a consulting firm that advises the Nigerian and African public sector on subnational revenue generation, agribusiness development, export promotion, strategic investment promotion, host country/host city marketing, pan-African trade, etc.

The forthcoming Nigeria Food Surplus Summit is a nationwide advocacy that seeks to help Nigeria to successfully feed itself and have a large surplus for export by strengthening the commercial farming, food processing, and agricultural machinery segments of the country’s agricultural industry. For decades, up till this present moment, the burden of feeding this country of over 220 million people has rested largely on the shoulders of its millions of smallholder farmers. The summit seeks to strongly complement this by deliberately promoting and boosting commercial farming, food processing, and the production of agricultural machinery on a large scale in each of the 36 states and FCT, partnering actively with their respective ministry of agriculture.

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Renaissance Capital Sees Significant Upside in Dangote Refinery, Lifts Valuation by 33.4%

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Leading investment research firm Renaissance Capital Africa (RCA) has upgraded its valuation of Dangote Petroleum Refinery and Petrochemicals (DPRP) to N700.41 per share, implying a 33.4 percent upside from the refinery’s IPO offer price of N525 per share.

According to RCA, the valuation increase reflects the refinery’s exceptional earnings performance in the first nine months of 2026, driven by stronger refining margins and better-than-anticipated operational results. Revenue, EBITDA and net profit all exceeded the firm’s expectations during the period.

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In its October 16, 2026, update, titled “Stronger Refining Margins Drive Earnings Outperformance,” the investment firm cited robust refining margins and stronger operating results as key drivers of the enhanced valuation.

The remarkable investor interest comes against the backdrop of the refinery’s strong operational and financial performance. For the nine months ended September 30, 2026, the DPRP reported revenue of US22.5 billion and net profit of US4.7 billion, representing one of the strongest financial performances recorded by an African industrial enterprise in recent years.

The results marked a significant turnaround from the corresponding period in 2025, when the company recorded a loss of US117.2 million. Revenue grew by 144 percent from US9.2 billion, while EBITDA increased nearly nine-fold to US5.5billionfromUS627.6 million. Operating cash flow rose more than ten-fold to US$3.68 billion, underscoring the refinery’s growing ability to generate substantial earnings and cash flow from its operations.

The company also strengthened its balance sheet considerably, moving from a net debt position of US1.73 billion as of September 2025 to a net cash position of US651 million by September 2026, reflecting improved liquidity and financial resilience.

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Dangote Refinery IPO Elicits Participation in 90 Countries Globally

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The Dangote Petroleum Refinery & Petrochemicals (DPDP) has revealed that its ongoing Initial Public Offering (IPO) has attracted exceptional participation from investors across Africa and around the world, with subscriptions received from more than 90 countries, including investors from 51 of Africa’s 54 nations.

The unprecedented level of participation positions the transaction as Africa’s first truly pan-African public offering, reflecting strong investor confidence in African-led industrialization and a growing desire among Africans to own strategic assets built on the continent.

The company noted that the IPO has already set new benchmarks in the capital markets, breaking the Nigerian market record on its opening day and surpassing the previous African record within its first ten days, driven by robust demand from retail investors, pension funds, institutional investors, asset managers, and members of the investing public.

On the milestone, Chief Financial Officer of Dangote Group, Murat Erden, said: “This offering represents far more than a capital-raising exercise. It is a landmark opportunity for Africans and global investors alike to participate in the ownership of one of the continent’s most transformative industrial assets. The extraordinary participation from individuals and institutions across Africa demonstrates a shared conviction that Africans should not only benefit from industrial development but also own and create wealth from it.”

The remarkable investor interest comes against the backdrop of the refinery’s strong operational and financial performance. For the nine months ended September 30, 2026, the DPRP reported revenue of US22.5billion and net profit of US4.7 billion, representing one of the strongest financial performances recorded by an African industrial enterprise in recent years.

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The results marked a significant turnaround from the corresponding period in 2025, when the company recorded a loss of US117.2 million. Revenue grew by 144 percent from US9.2 billion, while EBITDA increased nearly nine-fold to US5.5 billion from US627.6 million. Operating cash flow rose more than ten-fold to US$3.68 billion, underscoring the refinery’s growing ability to generate substantial earnings and cash flow from its operations.

The company also strengthened its balance sheet considerably, moving from a net debt position of US1.73 billion as of September 2025 to a net cash position of US651 million by September 2026, reflecting improved liquidity and financial resilience.

According to Erden, the refinery’s current performance significantly exceeds the assumptions underpinning the IPO valuation. “Our financial performance has already advanced well beyond the baseline assumptions used in determining the IPO valuation. The refinery’s operational momentum, scale and efficiency continue to create substantial shareholder value and reinforce our confidence in its long-term growth prospects.”

In a major boost to African capital-market integration, the transaction has also benefited from pioneering cross-border market collaborations involving Botswana, Egypt, Ethiopia and Kenya, helping to broaden access and reduce barriers to participation for investors across the continent.

The DPDP described the IPO as a powerful demonstration of the increasing sophistication, depth and interconnectedness of African financial markets, providing a blueprint for future continent-wide investment offerings.

The company reiterated that the IPO provides a unique opportunity for investors to become shareholders in one of Africa’s largest and fastest-growing industrial enterprises, with the potential for USD-linked dividends, subject to the company’s dividend policy and applicable regulatory approvals.

With the offer scheduled to close on 27 October 2026, the company has intensified investor education and engagement activities across key markets to ensure broader inclusion and participation. The refinery emphasized that no further extension of the offer period is currently planned.

On the significance of the transaction, Erden added: “We are witnessing the emergence of a new chapter in African industrial ownership and capital-market development. The overwhelming response from investors across 51 African countries and more than 90 countries globally is a resounding vote of confidence in Africa’s future and in the ability of world-class African enterprises to deliver sustainable value for shareholders.”

The company expressed appreciation to regulators, stockbrokers, issuing houses, financial institutions, fintech partners, community leaders, investor associations and the investing public for their support and participation throughout the offer period.

 

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Tesla Aims for 2028 Commercial Production of Flying Car

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Tesla has set a 2028 commercial production date for its new Roadster sports car that can briefly rise into the air using rocket technology.

According to CNN, the date was revealed when the manufacturers demonstrated its functionality on Thursday at a SpaceX testing facility in Texas, United States, where the two-seater vehicle performed a series of manoeuvres, including driving upside down before making a short airborne movement.

The prototype was operated without a driver during the test, with Musk saying the decision was taken “to make sure we don’t kill anyone.”

“Success is not guaranteed. I mean that. It’ll probably work, but if it doesn’t work, we’re at a safe distance,” he said.

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CNN reported that the vehicle uses 10 nozzles and high-pressure air tanks to generate thrust, with Musk claiming it could accelerate from zero to 60 miles per hour in less than a second.

The Tesla boss attributed the development to cooperation between the electric vehicle manufacturer and SpaceX, the rocket company he also leads.

He described the project as “the results of what happens when you have a collaboration with the world’s best car company and the world’s best rocket company.”

Musk also sought to assure spectators that the demonstration was genuine, saying, “We need an audience to prove that it’s not AI or SI. So you guys can tell people you saw it with your eyes, because what you see with your eyes, you will not believe.”

Despite the display, questions remain about whether the vehicle can achieve sustained flight and how practical it would be for everyday transportation.

Roger Conner, curator for vertical flight at the Smithsonian’s National Air and Space Museum, told CNN that combining the requirements of road vehicles and aircraft presented significant engineering challenges.

“Aircraft are extremely sensitive to weight, whereas with ground vehicles you want them to have bumpers and crumple zones and all that,” he said.

“Inevitably, something that is a hybrid between the two is going to be a poor performing aircraft and a poor performing vehicle, and also quite expensive,” he added.

Conner questioned whether the demonstration amounted to flying in the conventional sense.

“We’re not talking about sustained flight. We are literally talking about hopping,” he said.

However, Jim Dukhovny, chief executive of flying car startup Alef, said the technology was achievable, while pointing to the difficulties involved in making such vehicles transition safely from vertical take-off to forward flight.

“It absolutely is 100% feasible,” he told CNN.

“That being said, the hardest part on all eVTOLs, and for us, it’s a transition from (rising) vertical to (moving) forward. It needs to be extremely careful, making sure you do not lose lift, and making sure it’s very stable,” he added.

CNN also reported that Alef’s prototype weighs about 254 pounds, uses eight propellers and is designed to carry one person.

Musk said Tesla intended to begin production of the new Roadster in 2028.

CNN reported that the latest display adds to Musk’s ambitions to push Tesla’s vehicle technology beyond conventional electric cars, although the prototype’s ability to operate as a practical flying vehicle has yet to be established.

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