FG to raise $1bn in Eurobond market
Nigeria plans to raise $1 billion on the Eurobond market this year in a move designed to plug a budget deficit, said the country’s Finance Minister, Mrs Kemi Adeosun said on Friday.
Speaking at a press conference in the nation’s capital of Abuja, Adeosun said the government had earlier this month approved the plan to issue international debt for the first time since 2013.
Adeosun said that the bonds are expected to go on sale in December, with the proceeds channelled into capital projects. “We are about to appoint our advisers. We are raising one billion dollars,” she said.
“I want to re-emphasise that we have a strategic plan that will take us out of the recession that we find ourselves in. We want to make sure that this recession is the shortest possible.”
Nigerian President Muhammadu Buhari announced a record 6.1-trillion-naira ($19.4-billion) spending plan for this year’s federal budget to try to stimulate growth.
The government will be seeking loans from the World Bank, the African Development Bank, China Exim Bank and the Japan International Cooperation Agency.
“These concessional loans will go to the strategic sectors of the economy,” Adeosun said earlier in September, citing the power and agricultural sectors as key areas of focus.
Nigeria is in a recession, suffering from double-digit inflation and a massive drop in foreign investment as it struggles to undo the effects of a rigid foreign-exchange regime that led to a shortage of dollars and drained reserves.
Heya i am for the first time here. I found this board and I find It truly useful & it helped me out much. I hope to give something back and help others like you aided me.
Wonderful beat ! I wish to apprentice while you amend your web site, how can i subscribe for a blog website? The account helped me a acceptable deal. I had been a little bit acquainted of this your broadcast offered bright clear idea
Have you ever thought about including a little bit more than just your articles? I mean, what you say is fundamental and all. But think of if you added some great pictures or video clips to give your posts more, “pop”! Your content is excellent but with images and videos, this site could definitely be one of the very best in its field. Fantastic blog!
I do not know whether it’s just me or if perhaps everybody else experiencing problems with your blog. It appears as though some of the written text on your posts are running off the screen. Can someone else please provide feedback and let me know if this is happening to them as well? This may be a problem with my web browser because I’ve had this happen before. Kudos
Hey there! I realize this is somewhat off-topic however I needed to ask. Does building a well-established blog such as yours require a massive amount work? I am brand new to writing a blog but I do write in my journal on a daily basis. I’d like to start a blog so I will be able to share my personal experience and thoughts online. Please let me know if you have any recommendations or tips for new aspiring blog owners. Appreciate it!
Excellent read, I just passed this onto a colleague who was doing some research on that. And he just bought me lunch as I found it for him smile Therefore let me rephrase that: Thank you for lunch!