Nigeria to launch Eurobond on Oct. 11

The Minister of Finance, Zainab Ahmed says the nation will launch its planned Eurobond issue on Oct. 11.

Ahmed also said the country would hold roadshows for the dollar-denominated issuance, which aims to raise roughly $3 billion, in Lagos and New York.

The minister said the government is also targeting to raise the same amount via multilateral and bilateral borrowing to fund its 2021 budget deficit.

“We have an approval in the 2021 budget to fund the budget deficit 50% locally and 50% externally.

“We are planning to do about half of that in eurobonds and the other half through other windows such as multilateral and bilateral sources”, Ahmed said.

The national Assembly in July approved external borrowing of roughly $6.2 billion.

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