Nigeria raises over $900m in domestic dollar bond
Nigeria raises over $900m in domestic dollar bond
Abdullateef Fowewe
Nigeria has successfully launched its first domestic dollar-denominated bond, raising over $900 million.
The milestone which according to a remark shared by the Ministry of Finance on Wednesday was mentioned to signals a new chapter in the country’s financial strategy, aimed at boosting economic resilience and fostering long-term growth.
The initiative which was led by Africa Finance garnered significant interest from both local and international investors, demonstrating confidence in President Bola Tinubu’s economic policies and development plans.
The success of the bond as it was stated in the release sets a new precedent for other African countries, highlighting the potential of Africa’s financial markets on the global stage.
While praising the sterling result, the Minister of Finance and Coordinating Minister of the Economy, Wale Edun said, “I am particularly pleased that as Chair of the African Caucus, we have launched an initiative that not only strengthens Nigeria’s economic resilience but also expands the horizon for capital markets of African economies.”
“The overwhelming response from investors reflects the growing interest in Nigeria’s economic opportunities and the broader investment potential of Africa. With this bond issuance, Nigeria is positioning itself as a leader in financial innovation, driving both national and regional growth through strategic economic measures.
“The funds raised from this bond will be directed toward critical infrastructure projects and development programs, further strengthening key sectors of Nigeria’s economy,” the statement stressed.
Meanwhile, Dailyeconomy on August 15, reported that Nigeria’s inflation rate decreased to 33.40% in July 2024, down from 34.19% in June 2024, making it the first decrease in the inflation rate headline since December 2022, when it last dropped to 21.34%.
National Bureau of Statistics (NBS) Consumer Price Index (CPI) report for July, acknowledged that inflation increased in July 2024 by 9.32 compared to the rate of July 2023 which was 24.08%.
