FMDQ approves N30bn Commercial Paper programme to boost agriculture

The FMDQ Securities Exchange Ltd. has approved the registration of the Johnvents Industries Ltd N30 billion Commercial Paper (CP) to boost agriculture productivity.

This is contained in a statement issued by the company on Tuesday in Lagos.

Johnvents Industries Ltd is a wholly indigenous-owned agribusiness that provides modern information and communication tools, macro-loans, and farm inputs to support farmers and finance their businesses in Nigeria.

The statement said that the approval was in furtherance of the company’s commitment to the transformative development of the Nigerian debt markets.

The Exchange said that the registration of the Johnvents Industries Ltd N30 billion CP programme on its platform would boost agriculture in the country.

The group noted that access to capital remains a top priority for corporates to fund business expenditure, expansion aspirations and/or existing debt obligations.

It added that the CP programme, sponsored by United Capital Plc, would avail the issuer the opportunity to raise short-term finance from the Nigerian debt markets through CP issuances within the programme limit.

The statement reiterated that FMDQ Exchange would continue to provide a liquid, transparent and efficient market geared toward supporting the aspirations of corporates to unlock the required capital to bridge the funding gap in Nigeria’s agriculture sector.