The Debt Management Office has announced that Nigeria has reenlisted in the International Capital Market after about three years with a plan to raise at least $3bn from Eurobond issuance.
This was contained in a statement titled ‘Nigeria back at International Capital Market with Eurobond offer’ issued by the DMO’s spokesperson, Chinenye Onu, on Thursday.
It further stated, “Through the Eurobond issuance, Nigeria is expected to raise up to $3bn but no more than $6.2bn.
“The issuance for which all statutory approvals have been received, is for the purpose of implementing the New External Borrowing in the 2021 Appropriation Act.
“Proceeds are for the financing of various projects in the Act.”
The statement disclosed that beyond providing funding to part-finance the deficit in the 2021 Appropriation Act, the issuance of Eurobonds would help to increase external reserves and support the naira exchange rate and Nigeria’s sovereign rating as well as free up space in the domestic market for private sector and sub-national borrowers.
