Nigeria's Eurobond 8 times oversubscribed, shows confidence

2017-02-16 18:22
Flag and map of Nigeria. (iStock)

Flag and map of Nigeria. (iStock)

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Johannesburg - The London Stock Exchange says Nigeria's $1bn Eurobond is eight times oversubscribed and demonstrates international confidence despite the oil-producing nation's economic woes.

The 15-year bond offering 7.875% in trading starting on Thursday is the first Nigerian offering since 2013 and the 2015 change of administration to President Muhammadu Buhari.

An exchange statement says it's "a strong statement of international investor interest in building exposure to Nigeria's economy."

The bond is far from the $30bn that Buhari proposed raising through loans - a request rejected by legislators last year.

Nigeria is suffering its worst recession in 25 years with inflation nearing 19% provoking protests about high food costs.

Buhari inherited a looted treasury compounded by low oil prices and militant attacks that at times nearly halved petroleum production.

Read more on:    muhammadu buhari  |  nigeria  |  west africa

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