Nigeria sets to raise 105 bln Naira with local bond issue next week

Nigeria plans to raise 105 billion Naira ($345 million) in local-currency-denominated bonds at an auction on Oct. 12, the government’s Debt Management Office said on Tuesday.


The debt office said it will raise 35 billion Naira each from debt maturing in 2021, 2026 and 2036, using the Dutch auction system.

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All the bonds are reopenings of previously issued debt.

Africa’s largest economy last week announced plans to raise between 250 billion Naira and 340 billion Naira in local currency-denominated bonds in the fourth quarter of this year.

Nigeria has estimated that it will borrow around 900 billion Naira from the local debt market this year to fund a budget deficit projected at 2.2 trillion Naira, which has been aggravated by an economic slump as low oil prices slashed government revenues and weakened the naira.

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The oil producer also plans a $1 billion Eurobond issue.




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