Published: August 8, 2013
Note programme to raise US$1bn in local currency.
The International Finance Corporation (IFC), in collaboration with The Nigerian Securities and Exchange Commission, is to launch the country’s first long-term, local currency bond programme. The programme, which entails the issuance of US$1bn in naira-denominated bonds, is aimed at deepening Nigeria’s capital markets and supporting private sector growth.
In February, the IFC raised US$76.3mn through the first local currency bond by a non-resident issuer in Nigeria. It has committed US$1.5bn to Nigeria, making the country the biggest of the organisation’s African beneficiaries.