Market News
Nigeria plans $5 billion total return swap with UAE lender
LONDON/ABUJA, April 2 (Reuters) – Nigeria plans to borrow up to $5 billion through a derivatives agreement with First Abi Dhabi Bank, the government said this week, as the war in Iran keeps the costs of traditional debt issuance elevated.
While Nigeria is shielded from the worst impact of the Iran war as Africa’s largest oil exporter, emerging-market borrowing costs have risen broadly since the conflict began in February and bond sales have largely paused.
Nigeria is joining other Africa borrowers including Senegal and Angola that have tapped similar arrangements over the past year.
