The Federal Government of Nigeria has announced its plans to issue a $500 million dollar-denominated domestic bond on Monday in an effort to attract both local and international investors.
This initiative aims to stimulate economic growth in the country and generate interest from a wide range of potential investors.
Gbadebo Adenrele, the Managing Director of Investment Banking at United Capital Group, revealed this information during a hybrid roadshow with investors led by the Debt Management Office (DMO) on Thursday.
The auction for the bond is set to open on Monday, with more details regarding the offering to be communicated to the market at that time.
Minister of Finance, Wale Edun, previously announced the government’s intention to launch the $500 million dollar-denominated bond as part of its economic growth strategy.
In line with this, the Director General of the Debt Management Office (DMO), Patience Oniha, stated that the settlement date for the domestic dollar bond auction would be 10 days after the auction date.
The government has set a target of $1 billion in total subscriptions for the bond auction, which is double the initial offer.
This increased target reflects the government’s optimism in the attractiveness of the bond to potential investors and its potential impact on economic development and growth.
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