Sage Grey Finance Plans to Boost Manufacturing Lending Share

Sage Grey Finance is targeting a significant increase in its manufacturing lending portfolio, aiming to raise it from the current 15-20% to as much as 60%. This initiative was disclosed by Managing Director and Chief Executive Officer Temitope Runsewe during the company's 10th anniversary celebration in Lagos.

Runsewe emphasized the strategic importance of manufacturing for Nigeria's economic development and mentioned that the organization is exploring ways to provide longer-term capital to businesses in this sector. He introduced a value-chain financing model that would allow funding not only for manufacturers but also for businesses supplying essential inputs and services.

Runsewe noted that manufacturers face challenges such as currency devaluation, high electricity costs, and inadequate infrastructure. The proposed manufacturing-focused lending strategy is part of Sage Grey Finance's broader expansion plans, which include a stock market listing and transitioning into a commercial bank by 2027.

Additionally, the organization has established a $10 million circular economy impact fund to support businesses in recycling, clean energy, and green manufacturing.