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Nigeria’s Plans for Additional Eurobond Sale Off on Omicron

Nigeria suspended plans to sell additional Eurobond this year after the outbreak of the omicron variant, according to the head of the debt management office.

“Omicron came and markets are not exactly good to go back now,” Patience Oniha, director-general for the Debt Management Office said at a conference on Tuesday. “I can say for this year we are not approaching the market,” Oniha said.

Read also:Covid-19: Omicron pushes Nigeria’s average cases up 451%

Africa’s biggest economy and crude producer planned to raise $2.2 billion in additional debt this year to complete a $6.18 billion external borrowing approved in the nation’s 2021 budget after successfully raising $4 billion in September.
Omicron poses risks to the global economy, especially frontier and emerging market as investors weigh the impact of the coronavirus variant on economic recovery.