Nigeria’s Minister of Finance Zainab Ahmed says the country has no plans to issue Eurobonds in 2023, OduNews reports.
She disclosed this on Wednesday while responding to questions about Nigeria’s Eurobond borrowing plans.
In exchange for Eurobonds, Zainab Ahmed insists, Nigeria will focus on concessionary loans from the likes of the World Bank, ADB, or Islamic Bank.
“Our external borrowing sources are very much open at multilateral institutions … and our focus is on those loans unless we have no option because loan processes are very long.”
“The prices of bonds are too high now in most African countries. No one is going near there now. We hope 2023 will bring about some improvement.”
Nigeria’s 2023 budget includes an external borrowing need of about N1.76 trillion (equivalent in dollars).
Nigeria currently has a total Eurobond borrowing of about $15 billion spanning different tenures and coupons.
Issuances are about 8 in number with the latest issued a $1.25 billion Eurobond issued earlier this year.
