Corporate Nigeria Attracts $8.57 Billion Funding in 2019

Nigerian companies attracted a whopping sum of $8.57 billion in funding between January and September 2019 (9-month). This is contained in the compilation of official press releases and media reports gathered by Nairametrics for the period under review.  

In 2019 (9-month), Nigerian corporate space recorded several forms of capital raise which include series funding, rights issues, public offers, corporate bonds, equity and so on.  

The Breakdown: Capital raised by sectors 

  • A cursory review of the data gathered showed that companies in the oil and gas sector attracted the biggest funds, with $3.43 billion in just 9 months. The major oil and gas companies that were recipients of the funds were Oando, Forte Oil and Seplat. Also, the capital raised was in the form of equity.  
  • The ICT sector ranks second with $1.66 funding received within the period. Funds raised in the ICT sector were in  form of series funding, rights issues, loans and equity. Major companies in the ICT sector that were recipients of the funds include Andela, Airtel and MTN Group.  
  • The manufacturing sector ranks third, with a sum of $1.241 billion funds raised. Major companies that were recipients include Lafarge, Dangote and Nigerian Breweries.  

Photo: Asoko Insight

The energy sector attracted $370.45 million within the period under review. Major investors in the sector include Daystar Power, Arnergy, Virtus and Green Energy International Ltd. Funds raised in the sector were majorly series funding and equity.  

  • The banking sector attracted $325.99 million within the period under review. Major banks that raised capital include Sterling Bank, Eco Bank, and Jaiz Bank Plc.  
  • Fintech companies rank seventh among the biggest capital raised within the period. The sector raised $202.10 million. Major companies that participated in the fundraises include Sendbox, One Finance, Kudi, Branch, Foundation Capital & Visa and Infracredit.  
  • Others are logistic and transport ($104.70), E-commerce platforms ($56 million), Entertainment ($50 million), Healthcare ($16.55 million), Agriculture (5.40 million), Hospitality ($3.91 million) and Agrictech ($2 million). 

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