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Nigeria Exploring Debt Restructure - Finance Minister

Nigeria is considering restructuring its debt and extending the repayment period of its credit obligations. In a recent interview, Finance Minister Zainab Ahmed said the government has appointed consultants for advice on its rising debt-service burden. The minister said that the government also plans to refinance domestic debt obligations that are due this year and in 2023, while the country's U.S.$45.4 billion in outstanding borrowings from the central bank will be bundled into government bonds. 

"It is a fact that Nigeria's debt has increased over the last three to four years", the minister said. She added that the debt increases were as a result of various exogenous shocks that the country faced.

The minister also disclosed that the country was considering borrowing from the recent window created by the IMF Food Security Package for countries facing urgent balance-of-payment needs related to the global food crisis. The new window would be available for a year to provide additional access to emergency financing for countries facing urgent balance-of-payment needs related to the global food crisis.

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