Nigeria: National Assembly to Approve U.S.$3.3 Billion Eurobond Sale

(file photo)
12 February 2020

President Muhammadu Buhari has asked the National Assembly to approve the sale of $3.3 billion in Eurobonds.

Finance Ministry spokesman, Mr. Yunusa Abdullahi told Bloomberg a road show for the bond sale would start after the approval of lawmakers.

The Minister of Finance, Budget and National Planning , Mrs. Zainab Ahmed, had said in December that the country was seeking funds for the implementation of the 2020 budget and will first talk to concessional lenders before considering fresh loans.

Investors' appetite for high-yielding debt remains strong despite growing concerns about the impact the coronavirus outbreak could have on the economies of high-indebted African nations. Gabon, one of the lowest-rated sovereigns in Africa, sold $1 billion in Eurobonds last month followed by Ghana that sold the longest-ever Eurobond as part of a $3 billion.

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