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Nigeria could use 84.8% of Eurobond issuance to finance 2020 budget

Following the country’s widening budget deficit and growing debt profile, Nigeria is reported to be making moves to return to the international debt markets with a $3.3bn Eurobond issuance.

According to reports from the research unit of the African Export-Import Bank (Afreximbank), $2.8 billion of the bond could be used to finance the 2020 budget while $500 million for debt refinancing.

This is coming after Ghana sold sub-Saharan Africa’s longest-ever Eurobond as part of a $3 billion deal that was almost five times oversubscribed. The government also sold $1.25 billion of debt with an average maturity of six years and a yield of 6.375 percent.

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