Deals this week: IFC lends $50 million to the Bank of Industry, Afreximbank backs NEXIM and Raenest buys a UK payments firm

Development finance institutions accounted for most of the money committed to Nigeria this week, much of it aimed at small businesses, exporters and food production. Nigerian companies were also active, with a fintech buying a UK payments business and a listed brewer moving into craft beer. Prices were not disclosed for the corporate deals.

IFC lends $50 million to the Bank of Industry

The Bank of Industry (BoI) signed a seven-year, $50 million loan from the International Finance Corporation at the Africa Financial Industry Summit in Luanda, ThisDay reported on 5 November. The loan is part of an IFC package of up to $100 million for BoI, which will on-lend to small and medium businesses in manufacturing, agriculture, renewable energy and the creative industries. At least 25% of the proceeds are reserved for women-owned businesses. BoI said some conditions are still to be met.

Afreximbank approves $30 million for NEXIM

The African Export-Import Bank approved a $30 million facility for the Nigerian Export-Import Bank (NEXIM) to finance export-oriented SMEs, ThisDay and Arise News reported on 8 November. It comprises a $20 million revolving working capital line and a $10 million medium-to-long-term loan, and gives borrowers access to Afreximbank's trade platforms, including the Pan-African Payment and Settlement System.

World Bank commits $200 million to fish production

The Ministry of Marine and Blue Economy said it has secured a $200 million commitment from the World Bank Group, to be made available to state governments as concessional loans for fisheries and aquaculture, Leadership and Arise News reported. The ministry puts national demand at about 3.6 million tonnes of fish a year against output of about 1.4 million tonnes, with imports costing close to $1 billion a year. The reports did not give a timetable or the terms of the loans.

BII lends $7 million to Okra for rural solar

British International Investment, the UK's development finance institution, lent $7 million to Okra, which builds solar mesh-grids for off-grid communities, Nairametrics reported on 10 November. The debt will fund equipment for about 150,000 new connections in rural Nigeria, which BII said could bring electricity to as many as 750,000 people. Okra has more than 13,000 connected households today.

Raenest buys Remitise

Raenest, a Nigerian-founded cross-border payments platform, has acquired 100% of Remitise, a UK payments company registered with the Financial Conduct Authority, Nairametrics and Technext reported on 10 November. The deal gives Raenest a regulated UK business to build on; the company says it has more than 1.5 million registered customers. The price was not disclosed.

Futureview takes 10.45% of Zichis

Futureview Asset Management bought 126,967,213 shares in Zichis Agro-Allied Industries, a 10.45% stake, from one of the company's promoters, Chilla Entertainment, according to a notice to the Nigerian Exchange reported by Nairametrics. The consideration was not disclosed.

Champion Breweries licenses Bature's beers, with an option to buy

Champion Breweries will brew and distribute three of Bature Brewery's craft beers nationally from its Uyo plant under a licence, Nairametrics reported. Champion has an option to buy the brands outright at a pre-agreed, performance-linked valuation once their combined annual sales reach 40,000 hectolitres, or 4 million litres.

What to watch

• Drawdown of the BoI and NEXIM facilities, and the rates at which they reach borrowers.
• Which states sign up for the World Bank fisheries loans.
• Whether Champion exercises its option on the Bature brands.