Impact of COVID-19 on capital raising in Nigeria: In partnership with PwC

Invest Africa Insights

Between 2010 and Q1 2020, Nigerian issuers raised $1.5 bn through IPOs globally, 8.8% of the value raised by African issuers, and $3.0 bn through further offers, 4.1% of the value raised by African issuers. In the non-local currency debt markets, during the same period, $10.2 bn was raised by Nigerian issuers, 18.6% of the value raised by African issuers. In the local currency debt market, between 2014 and Q1 2020, N668 bn was raised domestically through bonds, and N1.6 trn in commercial papers. In the face of the COVID-19 pandemic, not only has the momentum in fundraising come to a halt globally, but Africa, and Nigeria particularly, is expected to suffer the most in the face of ratings downgrades and investors re-balancing their portfolios away from emerging markets.

Invest Africa and PwC invite you to our joint webinar examining the future of the primary capital markets as a source of capital for Nigerian corporate issuers in light of the COVID-19 pandemic. Our panel of experts will discuss the immediate impact on public fundraising activity in Nigeria, how investors and issuers are adjusting to the new market dynamics, and explore opportunities for Nigeria to learn and grow in the midst of the crisis.

Thank you to our moderator, Alice Tomdio, Director, Capital Markets Service, PwC (Moderator) and to our panellists: Ijeoma Abgoti, Managing Director / CEO of FBNQuest Funds, Chinua Azubike, CEO of InfraCredit, Jumoke Olaniyan, Vice-President, Market Architecture of FMDQ Securities Exchange Limited and Dave Uduanu, CEO of Sigma Funds.