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Nigeria To Raise $6.14bn From External Sources

Nigeria To Raise $6.14bn From External Sources

The Federal Government has announced plans to raise the sum of $6.14 billion from foreign sources, Reuters reports.

This disclosure was made by the Director-General of the Debt Management Office (DMO), Patience Oniha, who said that Nigeria sought to raise N2.4 trillion from external sources.

According to Oniha, the funds would be within the country’s plan to borrow for 2021 from external sources of funding.

In 2018, Nigeria realised $2.86 billion after it had planned to issue a Eurobond but shelved the plan to sell in 2020 due to the emergence of the COVID-19 pandemic.

It was also disclosed that advisers would be selected through an open bid process.

The DG, according to Reuters, said that Nigeria was observing international markets for new issues by leading countries.

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Nigeria’s neighbour Ghana raised the $3 billion through Eurobonds last week after a year of an economic doldrum globally.

A loan sought by Nigeria from the international lending organisation, the World Bank, was halted due to the reformation of the naira.

The COVID-19 pandemic has left the Nigerian economy in a fragile state despite escaping recession by 0.11 percent.

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