Nigeria plans to issue naira-denominated bonds

By | February 12, 2010

Remember that Ms Dambisa Moyo recommends that African countries raise money through the international bonds market? The Nigerian Debt Management Office is planning to do just that:

From Reuters: The head of Nigeria’s debt management office said on Friday he was hopeful of gaining parliamentary approval for its $500 million debut global bond now that conditions in the world economy had improved.

Parliamentary approval for the planned naira-denominated bond is one of the last major hurdles for launching the offer, which the government hopes will establish a sovereign benchmark in the international capital market.

“The $500 million 10-year bond was suspended because of the global economic meltdown. Now things are resetting and we are restructuring … We are optimistic that the bond will be approved by parliament,” Abraham Nwankwo, head of the Debt Management Office (DMO), told reporters.

Nwankwo said the DMO would need to raise 867.5 billion naira to help plug this year’s government spending shortfalls.

Still looking for the details of the bonds.

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