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Nigeria Weighs $5 Billion Swap Deal With UAE Bank as Costs Rise - BLOOMBERG
By Ruth Olurounbi and Anthony Osae-Brown
Nigeria plans to raise $5 billion from the United Arab Emirates’ largest lender in a derivatives deal to cut borrowing costs, joining a growing number of African nations using the instruments as the war in Iran drives yields higher.
Lawmakers on Tuesday approved President Bola Tinubu’s plan for the total return swap transaction with First Abu Dhabi Bank PJSC as his administration hunts for cheaper financing to fund the budget deficit after expanding its 2026 spending plan by 17%.
