Investors Bullish for Nigeria’s High-Yielding Debt as Buhari Push Lawmakers to Approve $3.3B Eurobond Sale


Nigerian President Muhammadu Buhari has asked the National Assembly to approve the sale of $3.3 billion in Eurobonds, marking the potential return of Africa’s top oil producer to debt markets after staying out last year.

Finance Ministry spokesman Yunusa Abdullahi told Bloomberg a road show for the bond sale will start after the approval of lawmakers.

Finance Minister Zainab Ahmed said in December the West African nation was seeking funds for the implementation of the 2020 budget and will first talk to concessional lenders before considering fresh loans.

Investors appetite for high-yielding debt remains strong despite growing concerns about the impact the coronavirus outbreak could have on the economies of high-indebted African nations. Gabon, one of the lowest-rated sovereigns in Africa, sold $1 billion in Eurobonds last month followed by Ghana that sold the longest-ever Eurobond as part of a $3 billion deal

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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