Patience Oniha, the Director General (DG) of the Debt Management Office (DMO) has revealed Citigroup Inc. and Standard Chartered Bank Plc as the transaction advisers for Nigeria’s planned $2.8 Eurobond.
The DG of Nigeria’s debt office said in a statement, on Friday that the advisers are yet to give guidance on thepricing date, as compiled from Bloomberg terminal.
Although, Nigerian officials are scheduled to meet with investors in London next week about a planned sale of $2.8
The country’s Senate last month approved the Eurobond issue but advised the government to limit foreign borrowing and boost revenue.
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Meanwhile, the International Monetary Fund (IMF) Senior Resident Representative in Nigeria, Amine Mati yesterday issued a warning to Nigeria’s Federal Government to be mindful of the country’s rising debt service to revenue ratio and take steps to mitigate the situation.
He predicted that Nigeria’s economy will grow by 1.9 per cent this year, up from 0.8 per cent in 2017. According to him the projected growth is due to fewer disruptions in oil production
Mati linked the growth projection to some pick-up in the non-oil. “The recovery is expected to contribute about 0.7 percentage points to the region’s average growth in 2018 and lift activity in Nigeria’s trading partners through stronger remittances, financial spillovers and import demand.”
Nigeria government in October said it wants to raise $2.8 billion of the debt within the year in order to raise revenue to fund some infrastructure projects under this year’s spending plans.
Meanwhile, President Muhammadu Buhari in June signed this year’s 9.1 trillion-naira ($25 billion) budget, the country’s biggest so far, which increases investment in roads, rail, ports and power to boost the economy.
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