Nigeria working on issuing eurobonds, says debt office - REUTERS
APRIL 07, 2021
By Chijioke Ohuocha
In February, it trimmed offshore borrowings in a new debt strategy after it repaid a $500 million eurobond in January. Oniha had said the DMO was monitoring international markets for new issues by frontier countries.
Last week, West African neighbour Ghana raised $3 billion via eurobonds, a year after COVID shut developing countries out.
The Institute of International Finance had said it expected African governments to return to capital markets this year to sell bonds as investors embrace more risk.
The country has been in talks with the World Bank for a $1.5 billion loan but approvals have been delayed due to concerns over reforms to its currency.
Nigeria emerged from its second recession since 2016 in the fourth quarter but growth is fragile. The government expects a 2021 budget deficit of 5.60 trillion naira to be financed largely from foreign and local borrowings.
($1 = 381.00 naira)