Nigeria has asked Goldman Sachs and the local unit of South Africa’s Standard Bank to advise it on the sale of a debut “diaspora bond” targeted at Nigerians living abroad, Stanbic IBTC Bank said on Monday.
Such bonds are a form of government debt that targets members of the national community abroad and Africa’s biggest economy first announced plans to sell them in 2013 to raise between $100 million to $300 million.
Goldman Sachs and Stanbic were due to manage the sale at the time, but the government then did not appoint any bookrunners before an election in 2015 that brought President Muhammadu Buhari to power.
Nigeria is in its first recession in 25 years and needs to find money to make up for shortfalls in its budget. Low prices for crude and militant attacks in its oil-producing heartland, the Niger Delta, have slashed its revenues.
A finance ministry source told Reuters this month that the country will look to issue a diaspora bond after completing a $1 billion eurobond sale.
CHECK OUT THESE INTERESTING STORIES:
- Adeosun: FG to roll out $300m Diaspora Bond in March
- CBN defends forex policies, faults criticisms
- Nigeria railway workers express fear of job loss with GE concession
- I was blackmailed for allegedly putting UCTH funds in MMM— Prof. Agan, CMD
- FG, states, LGs record N1.1tn shortfall in allocation
- Stanbic IBTC unveils first 24-hour self-service digital branch
- Private varsities demand tariff exemption from FG
- Stanbic IBTC Launch New Financial Services Mobile App
- Nysc Dg Urges Corps Members On Patriotism
- Kaduna mulls dropping blackboards in schools
- Why FG is yet to pay accrued pension
- Lagos issues 7-day ultimatum to occupants of distressed building
- Dave Umahi: Nigeria’s Farmer Governor
- CBN May Remove forex black market in 2017 – Adeosun
- Edo to partner with Japan in manufacturing, transportation, vocational training – Obaseki
- Nigeria advises migrants against Libya
- Eko Distribution Company loses N1b to energy theft
- MedView Airline shares go public on the NSE
- 2 Missing Herdsmen Found Dead In Delta State
- Reps tell EFCC to investigate Keystone Bank
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Financial Watch. Every investment and trading move involves risk. You should conduct your own research when making a decision.