Nigerian companies have got released a total of 9 bonds valued at $3.4 billion within the International Capital Market, benefiting from the window opened with the successful issuance of Nigerian Sovereign Eurobonds.
Making this known through a statement issued in Abuja, the director-general of the Debt Management Office, Dr. Abraham Nwankwo, noted that “for the first time in Nigeria’s economic history, the private sector have been enabled to access long-term funds from both the domestic and international capital markets.
“The successful issuances of three Nigerian sovereign eurobonds in the international capital market – one in 2011 and two in 2013 – have opened the window for Nigeria’s private sector to raise the required foreign currency funds,” the statement emphasised.
According to Nwankwo, “They are now able to fund long-term real sector projects (agriculture, manufacturing, housing, mineral exploration and processing, infrastructure, etc), for diversified and sustainable economic growth, towards employment generation and poverty reduction.
“On the domestic front, between 2007 and 2013, as many as 22 Nigerian companies raised over N223 billion from the domestic market.”
The DG further noted that the success recorded was “part of the Transformation Agenda of President Goodluck Jonathan, whereby positive change is taking place in various facets of the economy. The domestic bond market has been meticulously developed with appropriate products and institutional frameworks to the effect that long-term debt capital (Bonds) with tenor of up to 20 years can now be easily sourced in Nigeria.”
Nwankwo solicited the cooperation and collaboration of all stakeholders to “sustain the momentum and make maximum use of the opportunity as patriotic responsibility demands the commitment of all in continuation of the positive transformation that is taking place.”
