March 14, (THEWILL) – Nigeria Plans to raise a total of $1 billion in external borrowing through the issuance of Eurobonds.
Ahead of the Eurobond issuance, the Federal Government has contracted Citibank NA, JPMorgan Chase & Co, and Goldman Sachs Group Inc., to guide it and ensure the bonds are well managed and achieve its targeted goal. It also appointed Standard Chartered Bank and the Lagos-based financial advisory firm, Chapel Hill Denham, to consult on this venture.
A Bloomberg report, on Wednesday, noted that the size of the Eurobond offer, which was expected before June, was yet to be determined. It further added that Nigeria could raise up to $1bn in international loans throughout 2024.
This external funding is crucial for Nigeria as it seeks to finance a substantial budget deficit outlined in President Bola Tinubu’s N28.8 trillion ($18 billion) spending blueprint for 2024, targeting a fiscal shortfall of N9.8 trillion, or 3.8 percent of its GDP.
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