Nigeria has commitments for $500 mln of its planned Eurobond

kemi Adeosun, Nigeria's Finance Minister
kemi Adeosun, Nigeria’s Finance Minister

October 27, 2016/Reuters

Nigeria has $500 million of commitments from its planned $1 billion Eurobond it intends to issue before the end of the year and any decision to increase the size of the offer will depend on pricing, Finance Minister Kemi Adeosun said on Thursday.

“At the moment am focused on the $1 billion,” she said in a video recording to an investor conference in Lagos.

Adeosun said the country was “further along” with the African Development Bank for a $1 billion budget support loan than the World Bank due to scheduling issues.

“We have pushed World Bank funding into next year’s budget,” she said.

She said Nigeria was also interested it tapping funds at concessionary rates to develop its infrastructure and that most of the funding it was seeking would carry concessionary terms.

Adeosun said expected taxes collection as a percentage of GDP which is currently at 5 percent to hit 7 percent within three-years and to reach 10 percent within 5 years.

(Reporting by Chijioke Ohuocha; Editing by Angus MacSwan)

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