The federal government says it plans to issue $500 million in domestic foreign currency-denominated bonds in the next three to four weeks.
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, made this known at a quarterly press briefing in Abuja, themed ‘Economic Recovery and Growth: Progress and Prospects 2024’.
He said the federal government intends to use the Nigerian financial system, the Securities and Exchange Commission (SEC), the banking system, the investment bankers to issue $500 million in the first instance which will be available and will attract foreign currency held by Nigerians abroad and anybody else who buys into the macroeconomic reform efforts of President Bola Tinubu.
“That issue is a challenge to the best and the brightest in the financial markets. It is due to open in the next three to four weeks maximum,” Edun stated.
The minister also said the government was not planning to raise Euro bonds but added that it was dependent on the success of the domestic foreign currency-denominated bonds.
Edun pointed out that while the market is open to Nigeria, the country prefers to in the first instance, challenge Nigerians to come home with their money and be part of the Nigerian reform success story, adding that, that is the direction the economy is headed.
“Although these are very, very early stages we are in the right direction. We have turned the corner,” he added.
