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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