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Flutterwave Inc., Africa's largest payments startup, plans to hold its initial public offering (IPO) once it becomes profitable, according to CEO Olugbenga Agboola. The company, founded in 2016, has expanded to 35 African countries and processed over 630 million transactions worth $31 billion. Flutterwave's focus is on building a profitable and scalable business to deliver long-term sustainable value to stakeholders. President Bola Tinubu's reforms in Nigeria have contributed to the growth of Flutterwave's remittance business, which has helped boost the company's revenue by 50% in the first half of 2024. [Extracted from the article]

The article discusses how the inauguration of crypto-friendly US President Donald Trump is expected to prompt regulatory changes in Africa's digital assets sector. The CEO of Yellow Card Financial Inc. anticipates quicker regulatory clarity in African countries due to the US's stance on cryptocurrencies. Despite challenges like illegal crypto trading in many African nations, there is growing interest from traditional banks and financial institutions in the sector, with increased adoption of cryptocurrencies for remittances and transactions. [Extracted from the article]

Nigeria's state governors have given conditional support to President Bola Tinubu's tax reforms, as long as plans to reduce corporate tax and increase value-added tax are abandoned. The proposed reforms aim to boost Nigeria's public finances, but the governors are concerned about maintaining economic stability. The new laws suggest raising the VAT rate to 10% this year and 15% by 2030, lowering corporate tax to 25% by 2026, and increasing tax on the highest earners to 25% this year. Tinubu aims to double Nigeria's tax revenue over three years to address the country's low tax collection levels, as reported by Bloomberg. [Extracted from the article]

Nigeria is taking steps to revamp its free customs zones to prevent misuse, as companies are using them to sell domestically instead of focusing on exports. Lawmakers are considering withdrawing licenses from firms that sell more than 25% of their production within Nigeria. The government is exploring ways to support these zones, such as allowing companies to raise equity in Nigeria for investment and expansion to enhance competitiveness and promote exports within Africa. [Extracted from the article]

The Ghana Stock Exchange Composite Index, the best-performing African stock index in 2024, is expected to continue its gains in 2025 as investors anticipate economic stability under President John Mahama's government. Ghana's GDP growth has been strong, and optimism about the region's economic outlook has also boosted stock markets in Ivory Coast and Nigeria. While Nigeria faces challenges with inflation and cost-of-living issues, Ghana's currency has strengthened, which could help control imported inflation and support the new government's fiscal consolidation efforts. [Extracted from the article]

China and Nigeria have renewed a $2 billion currency-swap arrangement to enhance trade and investment between the two countries. The agreement, valid for three years and subject to renewal, aims to provide naira liquidity to Chinese businesses and yuan liquidity to Nigerian businesses, reducing their reliance on the dollar. This move could potentially strengthen financial cooperation and support the Nigerian naira, which has faced challenges due to dollar shortages and currency devaluation. [Extracted from the article]

Rice prices in Nigeria have surged to record levels, impacting the cost of living crisis in the country. The price of a 50-kilogram bag of rice in Lagos has increased by 8% to 75,000 naira, causing food insecurity for many households. President Bola Tinubu's administration has struggled to control inflation, leading to protests and unrest. Despite efforts to improve food security, prices continue to rise, with annual inflation reaching a 28-year high. Tinubu has implemented policies that have been praised by investors but have also contributed to the rising prices. [Extracted from the article]

Access Bank Plc, Nigeria's largest bank, raised $228 million in a rights offer to increase its capital above new regulatory requirements and support its expansion plans. The bank's share capital now exceeds the minimum required for international banks in Nigeria by 20%, following regulatory approvals from the Central Bank of Nigeria and the Securities Exchange Commission. Access Bank aims to use the funds to expand into new markets such as Morocco, Egypt, and the US, with a goal to double its assets outside Nigeria by 2027. The bank's shares have seen positive growth, and it recently agreed to acquire Bidvest Bank Holdings Ltd. to further its expansion into South Africa. [Extracted from the article]

Nigerian President Bola Tinubu defended economic reforms aimed at preventing a national crisis, including devaluing the naira and abolishing gasoline subsidies. While the IMF and World Bank support the reforms, they have led to soaring inflation and a cost-of-living crisis for many Nigerians. Tinubu remains firm on proposed tax changes but may consider concessions on value-added tax, emphasizing market-driven pricing and plans to boost agricultural output for export. [Extracted from the article]

Nigerian President Bola Tinubu defended economic reforms aimed at preventing a national crisis, including devaluing the naira and abolishing gasoline subsidies. While the IMF and World Bank support the reforms, they have led to soaring inflation and a cost-of-living crisis for many Nigerians. Protests against the tough living conditions have been met with deadly force by police. [Extracted from the article]

Chappal Energies, a Mauritius-based oil and gas exploration company, is planning to bring on new investors after acquiring TotalEnergies SE assets in Nigeria for $860 million. The company recently closed a $1.2 billion deal with Equinor Nigeria Energy Company and sold a portion of its equity to a Nigerian firm. Chappal aims to increase its production to 77,000 barrels of oil equivalent a day in the next two to three years through additional acquisitions. The company is looking to expand beyond Nigeria to sub-Saharan Africa and work with partners to optimize production from acquired assets. [Extracted from the article]

Seplat Energy Plc has acquired Exxon Mobil Corp.'s onshore oil and gas assets in Nigeria, with plans to revive hundreds of idle oil wells. The company aims to increase production to over 200,000 barrels a day from the current 71,000 barrels. Seplat views the acquisition as a cost-effective opportunity that will double its production and expand its assets in Nigeria. [Extracted from the article]

Investors are showing strong interest in short-term Nigerian government debt due to high yields and a positive outlook for the currency following the successful launch of a $2.2 billion eurobond. The Central Bank of Nigeria sold 1.56 trillion naira of bills with yields close to 24%, attracting investors looking to capitalize on the improved confidence in the naira. The country's foreign-exchange reserves have increased to $40 billion, providing further support to the currency. This surge in demand for Nigerian debt is driven by a combination of attractive yields and growing confidence in the country's economic prospects. [Extracted from the article]

Chappal Energies has successfully acquired Equinor Nigeria Energy Company, a unit of Equinor ASA, following approval from Nigerian regulators after a delay. The acquisition was completed through a special purpose vehicle owned by Chappal, providing the company with control of ENEC and ownership in the oil and gas lease OML 128. This deal is part of a trend where oil majors are divesting assets in Nigeria to domestic producers due to challenges in the environment. [Extracted from the article]

Nigeria recently raised $2.2 billion through its first eurobond sale since February 2022, with demand exceeding four times the amount offered. The sale included a 6.5-year note at 9.625% and a 10-year issue at 10.375%, attracting a peak orderbook of over $9 billion from various investors. President Bola Tinubu's policy measures have led to a decrease in yield spread over US Treasuries, with proceeds from the sale intended to help finance a budget deficit. The sale was managed by several financial institutions, including Chapel Hill Denham, Citigroup, and JPMorgan Chase. [Extracted from the article]

Central Bank of Nigeria Governor Olayemi Cardoso indicated that high interest rates may be reduced in the future if inflation eases as anticipated. The CBN's significant rate increases this year were aimed at controlling inflation and restoring stability, with Cardoso assuring that adjustments will be made based on inflation data. Despite inflation reaching 33.9% in October, Cardoso remains optimistic about a downward trend in 2025, with analysts predicting continued rate hikes in the coming months to address persistent price pressures. [Extracted from the article]

The Central Bank of Nigeria has raised interest rates for the sixth time this year in an effort to combat high inflation and support the country's currency. Governor Olayemi Cardoso stated that the decision was unanimous and emphasized the importance of price stability for Nigeria's economy. Despite challenges such as fuel and food price increases, currency weakness, and protests against economic reforms, the government aims to attract international investors and improve economic efficiency. [Extracted from the article]

The Central Bank of Nigeria has raised interest rates for the sixth time this year in an effort to combat high inflation and support the country's currency. Governor Olayemi Cardoso emphasized the importance of price stability for Nigeria's economy and expressed optimism about seeing results in the first quarter of 2025. Despite efforts to stabilize the naira, inflation remains high due to fuel and food price increases, as well as currency weakness. President Bola Tinubu's economic reforms aim to attract foreign investors and improve efficiency, but have sparked domestic criticism over rising living costs. [Extracted from the article]

Nigerian lawmakers have approved President Bola Tinubu's proposal to borrow $2.21 billion from foreign investors to address a budget shortfall. The funds will help finance a deficit of 9.18 trillion naira for the year, with $1.7 billion in eurobonds and $500 million in sukuk. The decision comes after Nigeria deferred issuing eurobonds due to high costs, opting instead for domestic dollar bonds. [Extracted from the article]

Nigerian Chief of Army Staff Taoreed Lagbaja has passed away at the age of 56 after a period of illness in Lagos. Lagbaja served in the Nigerian army for 37 years and was appointed by President Bola Tinubu in 2023. The Nigerian government is facing challenges with widespread violence affecting security and economic activity in various regions of the country. [Extracted from the article]

(Bloomberg) -- Nigerian army chief Taoreed Abiodun Lagbaja has died following a period of illness, the nation's presidency said.Lagbaja, 56, passed away on Tuesday night, the State House said in an emailed statement Wednesday.President Bola Tinubu appointed Lagbaja as chief of army staff on June 19, 2023. Lagbaja enrolled in the Nigerian Defence Academy in 1987 and was commissioned as a second lieutenant in the nation's infantry corp in 1992.©2024 Bloomberg L.P.By Anthony Osae-Brown and Emele OnuReported by Author; Author [Extracted from the article]

Nigeria has introduced an amnesty program to encourage individuals to bring foreign exchange held outside banks back into the system, aiming to stabilize the nation's currency, which hit a new low. The program, lasting nine months, assures individuals that their assets won't be expropriated and they won't face tax audits. The move comes as residents have been hoarding dollars due to the naira's decline, with low liquidity in the foreign-exchange market exacerbating the situation. President Bola Tinubu's measures to allow the naira to trade more freely and eliminate multiple exchange rates are part of efforts to address the currency's challenges. [Extracted from the article]

Nigeria has introduced an amnesty program to encourage individuals to bring foreign-exchange holdings outside of banks back into the system, aiming to stabilize the nation's currency, which hit a new low. The initiative promises no tax audits or asset expropriation, providing a secure and confidential channel for reintegrating legitimate foreign currency funds over a nine-month period. The move comes as residents have been hoarding dollars due to the naira's decline, with low liquidity in the foreign-exchange market contributing to the currency's struggles. President Bola Tinubu's measures to allow the naira to trade more freely and eliminate multiple exchange rates are part of efforts to address these challenges. [Extracted from the article]

Moniepoint, a Nigerian cash-transfer startup, has raised $110 million in funding to expand its operations in Nigeria and across Africa. The funding round, backed by Google and Development Partners International LLP, will allow Moniepoint to offer cross-border remittances and banking services in francophone African countries. The company, founded in 2015, has rapidly grown due to Nigeria's cashless initiatives and increased digital payment usage. Moniepoint processes 800 million transactions worth $17 billion monthly and is aiming to introduce inventory management and other banking services in the future. [Extracted from the article]

Access Bank, Nigeria's largest bank, is considering selling dollar-denominated securities in the domestic market to fund its expansion plans and meet capital requirements set by the central bank. The bank aims to target two tranches of dollar-denominated instruments, with one batch focused on development financial institutions and the other on the open market. Access Bank plans to use the government's recent successful sale of dollar-denominated bonds as a model for its own offerings. The bank's expansion strategy includes doubling its assets outside of Nigeria over the next five years, with plans to enter the US market by 2025 and establish a presence in Hong Kong. [Extracted from the article]

Nigeria's Naira has reached a record low against the dollar due to a significant decrease in dollar liquidity in the foreign exchange market. The currency weakened by 4.3% to 1,670.65 to the dollar, following a 72% drop in dollar liquidity to $81 million. Despite efforts to build reserves, the naira has struggled to stabilize since being allowed to trade freely against the dollar last year, losing about 70% of its value and ranking as the third worst performing currency globally in 2024. [Extracted from the article]

Nigeria's Dangote refinery, the largest in Africa and Europe, has sent its first gasoline cargo by sea as a crucial fuel-producing unit increases production. The Sabaek vessel carried around 500,000 barrels of gasoline from Dangote to Lagos, as reported by Bloomberg. The refinery's residue fluid catalytic cracker is also scaling up output, potentially impacting the regional gasoline market and reducing the need for European imports. This development follows the refinery's recent shift to using trucks for gasoline transportation, marking a significant step in its operations. [Extracted from the article]

Nigeria has approved Exxon Mobil's sale of onshore oil and gas assets to Seplat Energy, but rejected a similar deal by Shell. The approval of Exxon's $1.3 billion deal will allow the company to focus on expanding its offshore assets in Africa's largest crude producer. Shell's failed deal to sell its onshore assets to a local consortium highlights the challenges faced by the company in exiting these operations, amidst accusations of environmental damage and oil spills. [Extracted from the article]

Nigeria has approved Exxon Mobil Corp.'s sale of its oil and gas assets to Seplat Energy Plc, ending a two-year delay in the $1.3 billion transaction. President Bola Tinubu, who is also the minister of petroleum, gave ministerial assent to this deal and three others. However, Shell Plc's sale of its Nigerian onshore oil business to local companies for over $1.3 billion was rejected. [Extracted from the article]

Nigeria's currency, the naira, is currently at its most competitive value in at least 20 years, according to Chief Economist Indermit Gill of the World Bank. This is a result of economic reforms implemented by President Bola Tinubu, which have helped Nigeria avoid fiscal collapse. However, these reforms have also led to a significant devaluation of the naira and the removal of fuel subsidies, causing inflation and a cost-of-living crisis for ordinary Nigerians. Gill recommends that the government protect vulnerable citizens by increasing short-term payments to poor households and implementing a social safety net. The central bank should also focus on curbing inflation and building foreign reserves, while resisting the temptation of short-term capital inflows that could harm non-oil growth. [Extracted from the article]

Allen Onyema, the owner of Nigeria's largest airline, has been indicted by US authorities on charges of obstructing justice. He is accused of submitting false documents to the US government in an attempt to end an earlier investigation into charges of bank fraud and money laundering. Onyema's airline has stated that he and his legal team have been cooperating with US authorities and believe that he will be exonerated. The case is related to Nigeria's currency policy, which allowed individuals to profit from obtaining dollars at the official rate and selling them at the unofficial rate. The US is seeking to have Onyema forfeit at least $14 million held in bank accounts linked to the alleged fraud. [Extracted from the article]

Nigeria's naira has reached a new low against the dollar, causing businesses in the country to reduce their exposure to the US currency. The naira fell over 8% to 1,699 per dollar, with the supply of dollars in the Nigerian market nearly halving. Analysts predict that the naira may continue to fall, prompting companies with dollar debt to reduce it despite higher borrowing costs in the local currency. Multinational companies such as Unilever, Procter & Gamble, GSK, Sanofi, and Diageo have already announced plans to reduce their exposure to Nigeria or exit the market entirely. The naira's decline is complicating President Bola Tinubu's efforts to stimulate economic growth in the country. [Extracted from the article]

Ecobank Transnational Inc. has received approval from bondholders to raise its capital buffers, preventing a potential default after breaching a covenant on a $300 million obligation due to the devaluation of the Nigerian currency. The bank plans to increase its capital adequacy ratio to 10% by injecting $10 million and selling $200 million of Additional Tier 1 bonds. Other measures include redeeming $200 million of promissory notes, reducing risk-weighted assets through loan sales, and converting dollar-denominated loans to naira. The bank will pay an "early consent" fee to note holders. [Extracted from the article]

Nigeria's state-owned energy firm, NNPC, has begun shipping gasoline from the Dangote Refinery, marking a significant step towards reducing the country's dependence on fuel imports. The lack of refining capacity in Nigeria has forced the country to import most of its refined fuel, which has put a strain on its ability to supply gasoline domestically. The agreement with Dangote Refinery replaces a previous swap arrangement with major oil traders, and NNPC will start supplying the refinery with crude oil from October 1. The Dangote Refinery, with a capacity of 650,000 barrels per day, will be able to meet Nigeria's demand for gasoline. [Extracted from the article]

Nigeria has reached an agreement with the Dangote Refinery, in which the Nigerian National Petroleum Co. will supply crude to the refinery and in return be the sole distributor of gasoline from the plant. This deal has the potential to disrupt global trade in crude and refined products, as it reduces Nigeria's dependence on imports and the refinery's need for imported crude. The Dangote Refinery will be able to produce enough gasoline to meet Nigeria's demand, and the transaction will be performed in local currency. This initiative aims to reduce pressure on the naira, eliminate unnecessary transaction costs, and improve the availability of petroleum products in the country. [Extracted from the article]

The Nigerian currency, the naira, reached a record low after a significant decrease in dollar liquidity in the domestic foreign-exchange market. The naira fell 5.8% against the dollar, making it the worst-performing currency globally this month. The decline was attributed to a lack of US currency supply, with domestic dollar liquidity falling by 48%. Analysts suggest that larger and more targeted supply of dollars may be necessary to stabilize the naira. The currency has lost around 70% of its value against the dollar since restrictions were relaxed last year in an attempt to attract foreign investment. Seasonal factors, such as high currency demand for travel and foreign school fees, as well as lower yields on treasury bills, have also contributed to the decline. The Central Bank of Nigeria sold treasury bills at the lowest yield since January, and a slowdown in inflation has raised hopes that the central bank will pause rate cuts. Economists believe that the naira may improve by the end of the year with additional central bank intervention and if promised economic reforms are implemented. However, they emphasize the importance of the government improving policy credibility to reassure investors. [Extracted from the article]

Nigeria's currency, the naira, reached a record low after a significant decrease in dollar liquidity in the domestic foreign-exchange market. The naira fell 5.8% against the dollar, making it the worst-performing currency globally this month. The decline was attributed to a lack of US currency supply, with domestic dollar liquidity falling by 48%. Analysts suggest that larger and more targeted supply of dollars may be necessary to stabilize the naira. The currency has lost around 70% of its value against the dollar since restrictions were relaxed last year to attract foreign investment. Seasonal factors, such as high currency demand for travel and foreign school fees, as well as lower yields on treasury bills, have also contributed to the decline. The Central Bank of Nigeria recently sold treasury bills at the lowest yield since January. Some investors are cautious and may exit due to the uncertain reward-risk trade-off. However, there is hope that the naira will improve by the end of the year with additional central bank intervention and promised economic reforms. The government needs to improve policy credibility to reassure investors. [Extracted from the article]

Nigeria's naira experienced a significant increase in value after the country successfully sold its first domestic dollar-bond. The currency rose by 4.8% against the dollar, reaching its strongest level since August 21. The government raised $900 million in the bond sale, almost double the targeted amount. This achievement is seen as a positive step towards boosting economic resilience and long-term growth in Nigeria. The bond sale was oversubscribed by 180%, indicating strong demand. The naira has faced recent pressure due to a significant loss in value, prompting the central bank to take measures to increase local dollar liquidity. [Extracted from the article]

The Nigerian Labour Congress (NLC) has announced that Joe Ajaero, the president of the union, has been released by Nigeria's Department of State Security. Ajaero was detained at the airport in Abuja while on his way to a conference in London. The NLC had threatened strike action if Ajaero was not freed, calling his detention an act of intimidation. Ajaero has been interviewed by the police in connection with criminal allegations and has criticized a recent increase in fuel costs. The NLC is calling for the price hike to be reversed. [Extracted from the article]

The Nigerian Labour Congress has announced that Joe Ajaero, the leader of the nation's main labor union, has been arrested by Nigeria's Department of State Security. Ajaero was reportedly arrested at the airport in Abuja while on his way to a Trade Union Congress conference in London. The Department of State Security has not yet commented on the arrest. Ajaero had recently met with the police to answer questions regarding alleged criminal activities and had criticized a recent fuel price hike. [Extracted from the article]

China Harbour Engineering Co. has agreed to build a 68-kilometer railway in Lagos, Nigeria's commercial hub, in an effort to alleviate traffic congestion. The project, known as the Green Line Rail Project, will connect Marina in Lagos's central business district to the Lekki Free Zone on the outskirts of the city. The railway is expected to carry over 500,000 passengers daily at launch and will add to the existing Blue Line and Red Line. Lagos, with a population of over 20 million people, has one of the fastest-growing populations in Africa and suffers from poor road and transport infrastructure. [Extracted from the article]

Nigeria's Dangote oil refinery, which has been in the works for over a decade, is now filling gasoline tanks and will soon begin distributing gasoline. The facility has the capacity to process 650,000 barrels of oil per day and is expected to produce over half of that as gasoline. This development is significant for Nigeria, as the state oil company has been facing disruptions in its ability to supply gasoline due to debt and rising prices. The refinery's production will have a major impact on regional and global fuel markets, potentially disrupting established trade routes. While full production volumes are still a ways off, the refinery is expected to eventually produce about 330,000 barrels of gasoline per day, which is more than enough to meet the UK's entire requirement. [Extracted from the article]

(Bloomberg) -- Nigeria's giant Dangote oil refinery is filling tanks with gasoline for commercial distribution by the weekend, a company spokesman said.The new refinery is pivotal for the trading of fuel in the local market and beyond, and the provision of gasoline should help to diminish reliance on foreign supply.READ: Nigeria's Giant Dangote Oil Refinery Starting to Make Gasoline--With assistance from Jack Wittels.©2024 Bloomberg L.P.By Anthony Osae-BrownReported by Author [Extracted from the article]

Nigeria's Dangote oil refinery, the largest in Africa, is close to producing significant amounts of gasoline, which could have a transformative impact on the global fuel market. The facility, located near Lagos, has the capacity to process 650,000 barrels of oil per day, with over half of that being converted into gasoline. This development is particularly important for Nigeria, as the state oil company is facing disruptions in its ability to supply gasoline due to debt and rising prices. Dangote's production will have a significant impact on regional and global fuel markets, as Nigeria is a major importer of gasoline. The refinery is expected to produce about 330,000 barrels of gasoline per day at full capacity, which is over 1% of global demand. However, it will take time to reach these levels, with gradual increases in production expected over the coming months. The refinery's owner, Aliko Dangote, has stated that the plant aims to start gasoline production in August. [Extracted from the article]

Investors are showing interest in high-yield foreign currency bonds from Nigeria, Gabon, and Kenya in anticipation of a rate cut by the US Federal Reserve in September. Despite recent underperformance, these African nations are experiencing positive economic developments such as rising oil output, growing foreign exchange reserves, and political stability. The market sentiment is shifting, with these bonds outperforming in the past week due to expectations of Fed policy easing. Experts believe that Nigeria and Gabon, in particular, offer attractive investment opportunities, although uncertainties remain. [Extracted from the article]

Nigeria's President Bola Tinubu has faced criticism for traveling to France on a newly acquired private jet while the country is experiencing a cost-of-living crisis. The Airbus A330 business jet, purchased for $100 million, is now registered to the Nigerian Air Force. The decision to buy the jet has sparked outrage on social media, with many pointing out the insensitivity of the purchase while nearly half of Nigeria's population lives in extreme poverty. The country is also grappling with high inflation and a depreciating currency. [Extracted from the article]

Nigeria's President Bola Tinubu has faced criticism for traveling to France on a newly acquired private jet while the country is experiencing a cost-of-living crisis. The Airbus A330 business jet, purchased for $100 million, has sparked outrage on social media as many Nigerians live in extreme poverty. Inflation is at a 28-year high and pump prices have doubled, while the local currency has depreciated significantly. The decision to buy the jet has been seen as insensitive to the plight of the poor and a failure of leadership. [Extracted from the article]

FCMB Asset Management Ltd., based in Lagos, Nigeria, is aiming to raise 100 billion naira ($63 million) for Nigeria's first private credit fund. The fund will support mid-sized firms in the country and is being marketed as an alternative asset class for institutional investors seeking positive real returns. The fund's returns will be benchmarked to the yield of the 10-year Nigerian local sovereign bond plus 3%, and it has a 10-year lifespan. FCMB Asset Management is in talks with pension funds, development finance institutions, and high net worth individuals to invest in the fund, which will lend to mid-sized corporate borrowers in various sectors. UK-based TLG Capital will serve as the technical partner for the fund. This private debt fund is seen as a positive development in the Nigerian market, providing an alternative financing option for businesses. [Extracted from the article]

FCMB Asset Management Ltd., based in Lagos, Nigeria, is aiming to raise 100 billion naira ($63 million) for Nigeria's first private credit fund. The fund will support mid-sized firms in the country and is being marketed as an alternative asset class for institutional investors seeking positive real returns. The fund's returns will be benchmarked to the yield of the 10-year Nigerian local sovereign bond plus 3%, and it has a 10-year lifespan. FCMB Asset Management is in talks with pension funds, development finance institutions, and high net worth individuals to invest in the fund, which will lend to mid-sized corporate borrowers in various sectors. UK-based TLG Capital will serve as the technical partner for the fund. This private debt fund is seen as a positive development in the Nigerian market, providing an alternative to traditional bank debt for businesses. [Extracted from the article]