Nigeria is set to unveil $ 1 billion Eurobond before the end of September this year, as reported by Director-General, Debt Management Abraham Nwankwo .This is believed to generate funds from global capital markets and inject it into Africa's most populous country's gas-to-power infrastructure projects.
Also another bond – named the Diaspora Bond – would allow the Nigerian government to pool money from Nigerians which resides abroad in which the money would be utilised for developmental projects in Nigeria. It was believed that the Diaspora Bond would hopefully be effective by December this year.
Nwanko reported that all preparations and processes, including the main bond issue would have been concluded with the needed funds raised from the international capital market, by these respective dates.
The core reason of the $1 billion Eurobond is to ensure more windows of opportunity for the country's private sector troupe to access foreign funds at low cost, also citizens living abroad will be given the privilege of investing in their own country and contributing to the nation's development with the $100 million which is Nigeria’s first ever Diaspora bond.
According to source, these two bonds were part of the Federal government's $8 billion medium term external borrowing plan and this plan has already been approved by the National Assembly and Federal Executive Council (FEC).