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HomeTop NewsNigeria to sell $3 bln Eurobond to fund budget deficit in Oct

Nigeria to sell $3 bln Eurobond to fund budget deficit in Oct

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Nigeria will launch its planned Eurobond worth around $3 billion on Oct. 11, its finance minister,  Zainab Ahmed said on Monday.

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 government is also targeting raising 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 percent locally and 50 percent 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.

READ ALSO: How ICPC recovers N53 bln from estate developers who defrauded FMBN

The national Assembly had in July approved external borrowing of roughly $6.2 billion for the government.

Nigeria, Africa’s largest economy, is struggling to boost growth after exiting its second recession since 2016 in the fourth quarter of last year.

The country’s newly appointed statistician-general has said the nation is targeting gross domestic product growth above 5 percent for 2021.

Nigeria’s economy grew 5.01 percent in the second quarter, according to statistics released last week, as an easing of COVID-19 lockdown measures and an increase in vaccinations boosted commercial activities.

However, persistently high inflation has dogged the nation.

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