Buhari approaches NASS for $3.3bn Eurobond sale

Nigerian President Maj. Gen Muhammadu Buhari (retd.) 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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