We wish to inform you that the Nigeria Federal Government has approved plans for external loans from the World Bank, China and Japan.
FG Approved plans for external loans
According to Punch report, It specifically said Nigeria would take loans from institutions such as Japan International Cooperation Agency, World Bank, African Development Bank, and Export-Import Bank of China, As Bloomberg reported on Thursday.
The Nigeria President Muhammadu Buhari had announced a N6.1tn ($19.4bn) spending plan aimed at stimulating the economy this year. The economy contracted in the first two quarters as oil revenue plunged.
Further more, Buhari stated that he has expected the Federal Government to raise about $5bn from the Eurobond market and multilateral and bilateral lenders.
The Debt Management Office had last month asked banks to place bids by September 19 if they wished to manage a $1bn Eurobond sale.
We learned that Nigeria had issued dollar bonds twice, the last time in 2013. Yields on its $500m of securities due in July 2023 fell 11 basis points to 6.24 per cent, their lowest level since June 2015 and down more than 300 basis points since hitting a record 9.4 per cent on January 18, according to Bloomberg report.
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