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Nigeria sells $500 million Eurobond

Nigeria has sold a $500 million Eurobond to raise money for infrastructure projects.03 Apr 2017

The 15-year bond was priced at 7.5%, and follows a $1 billion bond issued in February, the Nigerian finance ministry said.

The notes will pay a coupon of 7.785% per annum, maturing on 16 February 2032, it said.

The successful sale "demonstrated continued strong market appetite for Nigerian securities.  This, despite continued volatility in emerging and frontier markets and shows confidence by the international investment community in Nigeria’s economic reform agenda", the ministry said.

Minister of finance Kemi Adeosun said: "The proceeds from this additional note issuance will go towards funding capital projects in the 2016 budget. Infrastructure spending is at the heart of our national economic recovery and growth plan, which was released earlier this month and guides how we will deliver the urgent reform our economy needs between now and 2020. Resetting the Nigerian economy is essential in order for us to deliver sustainable long term growth."

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