ECONOMY
Community gearing up for progress as renovated Lomé-Cotonou road slashes travel times

Community gearing up for progress as renovated Lomé-Cotonou road slashes travel times.
The project provides a direct benefit to transport users and indirectly benefits 1.7 million people in the two countries.
Matthew Antwi is a haulier and works for a Nigerian business that exports coconuts. He regularly drives the Lomé-Cotonou road from his home country Ghana to deliver the nuts to Nigeria.
“A few years ago, it took around two hours to complete all the formalities at the border and up to three hours to get to Aflao (on the border between Togo and Ghana) from the Benin-Togo border-control post,” That was because of the poor state of the section of road between Lomé and Cotonou,” recounts the driver, seated in the cab of his truck. “But now it’s been renovated, it takes between one and two hours. It’s better for me because I waste less time, and the lighting at night means I feel calmer when driving in the dark.”
Émile Elavagnon is a carpenter in the town of Togokomè, in Togo, which is served by the Avépozo-Aného section. He, too, has a history with the road: “When the works began, we had to clear the road, which meant we lost a lot of customers. But now that it’s usable, we’ve seen some really positive changes,” he grins, adding: “We now have more customers coming from Benin and Ghana, and a lot more visibility. Delivery times are shorter because the road is better. Our deliveries to Lomé used to take us an hour, but now they take a maximum of 45 minutes,” says a delighted Mr Elavagnon.
Matthew and Émile are two of the many people to benefit from the second phase of the Lomé-Cotonou Road Rehabilitation and Coastal Protection Project (https://apo-opa.info/44BmXOj). The project, funded jointly by the African Development Bank, the European Union, the West African Development Bank (BOAD), the Islamic Development Bank (IsDB) and the Global Environment Facility (GEF), is a vector for development, regional integration and improving the living conditions of the beneficiary populations.
The total cost of the project (US$194.89 million) was funded by the African Development Bank Group (US$39.47 million) in loans and donations from the African Development Fund and the Transition Support Facility, a donation of US$19.48 million from the European Union and contributions in the form of loans or donations from the BOAD, the IsDB and the GEF.
Works associated with renovating the road allowed the refurbishment of the medical and community centre in Agbodrafo and the secondary school in Aného (Togo), to the delight of their inhabitants. As a result, as well as improving driving conditions for hauliers and users, the project has helped improve the everyday lives of local people.
Youmane Fernando Loagui, head of the laboratory at the medical and community centre in Agbodrafo, comments: “Following the refurbishment of the medical centre, staff are now working in better conditions and our ability to welcome and care for patients has improved significantly. Equipment and pharmaceutical products are stored in complete safety,” he explains, before continuing: “There’s now more space, patients feel more comfortable, and their privacy can be respected. We still remember how people used to complain about how cramped the premises were. Maintaining confidentiality was a big issue for us, particularly for patients living with HIV/AIDS, because they often want to remain anonymous. All that now belongs in the past.”
The refurbished laboratory in Agbodrafo is attracting more people and it is now considered one of the best in the project area.
“We realise the positive impact that infrastructure can have on the living conditions of local people. Following the renovation of the road, our business is doing well, and our living conditions are better, and that’s very motivating,” comments Mr Elavagnon.
The Lomé-Cotonou Road Rehabilitation and Coastal Protection Project (Phase 2) is a flagship infrastructure project in Togo and is aligned with two of the Bank’s five strategic priorities, namely “Integrate Africa” and “Improve the Quality of Life for the People of Africa”.
It is contributing to enhancing the level of service in the transport logistics chain and keeping traffic flowing on the corridor between Abidjan and Lagos, as well as improving the living conditions of residents in the project’s intervention area.
The project is also strengthening the resilience to climate change of infrastructure in the coastal areas of Togo and Benin. The project provides a direct benefit to transport users and indirectly benefits 1.7 million people in the two countries.
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BUSINESS
DealMakers AFRICA Recognizes Top Mergers, Acquisitions, and Dealmakers in West Africa

West Africa’s most significant mergers and acquisitions, along with the financial and legal advisers behind them, have been recognised in the recently released 2024 DealMakers AFRICA Annual Awards. The awards highlight transactions that have shaped the region’s corporate landscape, acknowledging the firms and individuals driving complex deals across industries.
The DealMakers AFRICA awards are determined primarily by objective criteria, assessing the value and number of transactions recorded. However, three categories—Deal of the Year, Private Equity Deal of the Year, and Individual DealMaker of the Year—are selected based on nominations from advisory firms. These are evaluated based on factors such as deal complexity, transformational impact, and potential value creation.

DealMakers AFRICA Recognizes Top Mergers, Acquisitions, and Dealmakers in West Africa
In the West Africa Deal of the Year category, four major transactions were shortlisted. These included Olam Agri’s acquisition of Avisen, Chappal Energies’ purchase of Equinor’s Nigerian business, Renaissance Africa Energy’s acquisition of Shell Petroleum Development Company of Nigeria, and the acquisition of Flour Mills by Excelsior Shipping. The winning deal in this category was the acquisition of Shell Petroleum Development Company by Renaissance Africa Energy, a transaction that aligns with Nigeria’s broader objective of increasing local participation in the energy sector. The deal saw ownership of critical onshore assets consolidated under a consortium of Nigerian companies, reinforcing local players’ roles in the industry. PwC Nigeria, Banwo & Ighodalo, Clifford Chance, White & Case, and G. Elias served as advisers on the transaction.
For the Private Equity Deal of the Year, three deals were in contention, including CardinalStone Partners’ exit from i-Fitness to Verod, Verod and its partners’ investment in Moniepoint, and Adenia Partners’ sale of Cresta Paints to Uhuru Investment Partners. The award was given to CardinalStone Partners for its exit from i-Fitness to Verod, a deal expected to drive i-Fitness’ next growth phase through Verod’s operational expertise and financial backing. The transaction was facilitated by Rand Merchant Bank Nigeria, CardinalStone Capital Partners, Udo Udoma & Belo-Osagie, and Olaniwun Ajayi.
The Individual DealMaker of the Year award, sponsored for the second consecutive year by PSG Capital, recognised five shortlisted professionals: Akinola Akinboboye of Deloitte, Ayotunde Owoigbe of Banwo & Ighodalo, Azeezah Muse-Sadiq of Banwo & Ighodalo, Daniel Adeoye of Verod, and Yewande Senbore of Olaniwun Ajayi. The award went to Daniel Adeoye, a partner at Verod, for his role in executing high-value transactions in the region.
Adenia Partners’ acquisition of Air Liquide subsidiaries across Africa was recognised with the DealMakers AFRICA Special Recognition award. The deal spanned 12 countries across three regions, with Adenia committing up to €30 million over the next five years to strengthen and expand the newly formed entity, Erium. The transaction was advised by Decrop Consulting, Asafo & Co, Fidal Avocats, Deloitte, DPGS & Alliance Partners, and ClassM.
The awards also acknowledged the top-performing financial and legal advisory firms in West Africa’s mergers and acquisitions landscape. PwC emerged as the leading financial adviser by deal value, followed by Rand Merchant Bank Nigeria, Citigroup Global Markets, and Treadstone Resource Partners. Rand Merchant Bank Nigeria and Stanbic IBTC Capital shared the top spot for financial advisory by deal activity.
Banwo & Ighodalo was named the top legal adviser by deal value, ahead of Clifford Chance, G. Elias, and White & Case. In terms of deal flow, Banwo & Ighodalo secured the top position, followed by Olaniwun Ajayi and Herbert Smith Freehills.
For equity transactions, Stanbic IBTC Capital was ranked the top financial adviser by transaction value, while Templars led as the top legal adviser in the same category. In debt transactions, Afreximbank ranked highest by value, while Olaniwun Ajayi led in legal advisory.
DealMakers AFRICA, which launched its awards in 2000 in South Africa and expanded to the rest of the continent in 2008, continues to highlight key transactions that shape African economies. The latest rankings reflect the growing sophistication of West Africa’s mergers and acquisitions landscape, as local and international firms navigate complex deals that are reshaping industries across the region.
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ECONOMY
The Pan African Farmers’ Organization (PAFO) and African Development Bank Strengthen Partnership to Support Small-Scale Farmers

The Pan African Farmers’ Organization (PAFO) and the African Development Bank (www.AfDB.org) are strengthening their collaboration to enhance support for small-scale farmers across Africa. A PAFO delegation led by its President, Ibrahima Coulibaly, visited the Bank’s headquarters on December 13, 2024, to advance the implementation of the Memorandum of Understanding (MoU) signed in October 2023.
Dr. Martin Fregene, Director of the Agriculture and Agro-industry, reaffirmed the Bank’s commitment to the partnership, highlighting its investments in agriculture, which have benefited over 14 million producers through initiatives that provide inputs and improve market access. He acknowledged persistent challenges in the sector and welcomed ideas from civil society organizations like PAFO to enhance the Bank’s impact.

The Pan African Farmers’ Organization (PAFO) and African Development Bank Strengthen Partnership to Support Small-Scale Farmers
Coulibaly outlined PAFO’s mission and strategic priorities to empower smallholder farmers and advocate for their rights, stressing the need for greater strategic support from the Bank to address challenges in agriculture, which has the potential to solve 80% of the continent’s problems.
The meeting culminated in plans to jointly host a High-Level Conference on Financing Small-Scale Farmers in the second quarter of 2025. This event will rally stakeholders to discuss the financial needs of small-scale farmers and explore sustainable solutions to improve livelihoods. Additionally, the two organizations agreed to develop a comprehensive action plan focusing on capacity building, technology integration, and access to finance, particularly for women and youth farmers.
“The Bank’s ‘Feed Africa’ strategy is an important step toward transforming Africa’s farming sector, and we are excited to work with the Bank to help shape this vision,” said Coulibaly. “Through this partnership, we are committed to helping farmers gain the support and resources they need to succeed, especially women and youth.”
This partnership aligns with the Bank’s ‘High 5’ priorities, particularly “Feed Africa,” and builds on its commitment to fostering collaboration with civil society organizations. The Bank recognizes the crucial role of such organizations in driving sustainable development.
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BUSINESS
Afreximbank and Ecobank partner to simplify trade and compliance for African businesses

The Ecobank Single Market Trade Hub connects registered businesses across Africa on a single platform, helping them benefit from opportunities in the unified market of 1.4 billion people created by the African Continental Free Trade Agreement (AfCFTA)
African Export-Import Bank (Afreximbank) and Ecobank Group (www.Ecobank.com) have embarked on a collaboration aimed at simplifying trade and compliance for businesses in Africa by integrating Ecobank’s Single Market Trade Hub and Afreximbank’s MANSA Digital Repository Platform.

Afreximbank and Ecobank partner to simplify trade and compliance for African businesses
With the collaboration, African businesses will benefit from seamless shared services across the two platforms, with users of the Single Market Trade Hub able to easily leverage MANSA’s comprehensive database for efficient know-thy-customer (KYC) and customer due diligence (CDD) checks while MANSA platform users would, in turn, be able to directly connect to the Single Market Trade Hub to explore trade opportunities to expand their businesses across Africa.
The Ecobank Single Market Trade Hub connects registered businesses across Africa on a single platform, helping them benefit from opportunities in the unified market of 1.4 billion people created by the African Continental Free Trade Agreement (AfCFTA). It serves as a one-stop repository for the AfCFTA by providing small and medium-scale enterprises (SMEs) and corporates with insights about the agreement while its online match-making feature enables importers and exporters to upload their profiles and showcase goods and services they offer, or wish to source, with the aim of finding partners within Africa. Once a match is found, connections are made via the platform and the transaction can be concluded leveraging on Ecobank’s trade and payment solutions in 35 African markets.
The MANSA Digital Repository Platform, or MANSA, is a one-stop-shop for due diligence matters on all African entities. As a centralised digital repository, MANSA seeks to eliminate information asymmetry and to increase intra-African trade and trade with the rest of the world. It drives and promotes good governance culture among African SMEs and creates visibility for their businesses while also supporting African entities to expand, diversify and add value to their export products at both the local and international levels. Entities onboarded unto MANSA are allotted an Africa Entity Identifier (AEI) code which enables them to leverage other Afreximbank products and initiatives.
MANSA is also a key digital solution at the Africa Trade Gateway (ATG) marketplace which houses a suite of digital platforms designed as a single window to enable Afreximbank better deliver on its mandate, providing critical services to support and promote intra-African trade and the implementation of the AfCFTA. The platform enables African entities to accelerate their business activities at the ATG marketplace by working with verified information on trusted counterparties.
The new collaboration is, therefore, enabling Ecobank and Afreximbank to provide a central solution to the key challenge of KYC compliance and access to business across 35 countries in Africa. The improved interoperability is expected to further streamline cross-border trade and compliance in Africa, fostering greater financial and economic integration on the continent.
Afreximbank is a pan-African multilateral financial institution established to finance and promote intra- and extra-African trade.
Ecobank Group is a leading private pan-African banking group with unrivalled African expertise.
Discover the Ecobank Single Market Trade Hub at www.TradeHub.Ecobank.com and MANSA at www.MANSAAfrica.com
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