Nigeria Plans To Conclude Sale Of $ 1 Billion Eurobond By First Quarter Of 2017

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Published Dec 1, 2016

Nigeria plans to conclude the sale of a 1 billion dollar Eurobond by the end of the first quarter of 2017. The government is also committed to make its foreign exchange market more flexible.
Nigeria is in its deepest recession in 25 years and needs to find money to make up for shortfall in its budget. Its revenues from oil have plunged due to low international prices.
And militant attacks in its crude-producing heartland, the Niger Delta, that has cut its output. The government began the process of appointing banks for the sale of the Eurobond in September and had said it wanted to issue the bond by the end of the year. It has yet to announce a lender to lead the sale, however.