Nigeria to Raise $1billion from Eurobond

Nigeria to Raise $1billion from Eurobond

Nigeria expects to raise $1 billion from Eurobonds by Mid-December, to inject another $1.1 billion into Africa’s biggest economy, which has been hit by recession.

Nigeria has been searching for fund to finance a record budget worth N6.6 trillion aimed at reviving an economy hammered by a slump in oil prices.

Director-general, of the debt management office, Abraham Nwankwo, who made this known to newsmen said all borrowing would be used for capital projects.

In raising the money he said local transaction partners, local banks, would be involved.

The government approved this month borrowing from China, Japan, the African development bank and world bank, including loans with rates of 1.25 percent and a 20-year maturity.

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