[$1 Billion Eurobond Sale] Nigeria Approach China Exim Bank, World Bank and AfDB

  • Naira
  • February 11, 2016

Talks are currently ongoing with the Export-Import Bank of China alongside discussions with the World Bank for a $2.5 billion loan and for $1 billion of funding from the African Development Bank, Finance Minister Kemi Adeosun has said.

In a telephone conversation with Bloomberg, the minister denied that it has shelved a planned Eurobond sale for as much as $1 billion to plug its fiscal deficit and will start meeting investors next month.

Responding to report from Reuters that a deal had been scrapped, Mrs. Adeosun said:

“The Eurobond is still very much on,” adding that a non-deal roadshow “should be starting early next month” and the finance ministry is in the process of choosing banks to arrange it.

Nigeria plans to raise about $5 billion of external debt this year to help cover a budget deficit that may be as high as $15 billion. The government also intends to raise about the same amount from local debt markets.

The country has relied on oil for about two-thirds of government revenue but has seen its finances battered by Brent crude prices falling to 12-year lows of around $30 a barrel.

According to the International Monetary Fund (IMF), Nigeria’s economic growth slowed to 3 percent last year, the slowest pace since 1999.

The post above and its ensuing comments, if any, is purely the opinion of the writer(s). It therefore should never be considered as an investment advise of any sort. If required, readers should please consult a competent professional financial adviser for any investment decision.


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