NIGERIA plans to issue $3 billion or more in Eurobonds as international capital markets (ICM) open up and interest rates decline, the government said on Tuesday, after the coronavirus pandemic disrupted markets last year.
The West African country had planned a Eurobond issue early last year after its sixth sale in 2018, but it decided to defer the 2020 sale due to market turmoil caused by the COVID-19 pandemic.
In April, the head of the debt office told Reuters the government was looking to pick advisers.
“The plan is to raise the sum of $6.183 billion from a combination of sources,” President Muhammadu Buhari said in a letter to parliament seeking approval for the debt raise.
“From recent trends in the ICM, it is now possible for Nigeria to raise funds in the ICM. We estimate that Nigeria may be able to raise $3 billion or more, but not more
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