The government will soon issue $500 million in bonds that people can buy using foreign currency. This will happen in about three to four weeks.
The Minister of Finance, Wale Edun, shared this news during a meeting in Abuja. The meeting was about plans for growing the economy in 2024.
He said:
“We have a free exchange rate system, which means it’s not wrong to issue bonds in dollars. We don’t need to rely on Western financial systems to do this. We will use our own Nigerian financial system, including the Securities and Exchange Commission (SEC) and local banks, to sell these bonds. Our goal is to attract dollars from Nigerians abroad and anyone else who believes in President Bola Tinubu’s economic plans. We hope to start this in the next three to four weeks.”
No Current Plans for Eurobonds
Right now, there are no plans to issue Eurobonds. The focus is on making the $500 million bond project successful first.
The finance minister said:
“We aren’t planning to raise money through Eurobonds just yet. Depending on how well the $500 million bond project goes, there may be no need for that.”
“However, we have the option to do so if needed. Our financial ratings and performance are good enough to access international markets.”
“But for now, we want Nigerians to invest their money at home and help make our economic reforms a success.”
“Even though we’re just starting, we believe the economy is heading in the right direction.”
Key Points You Should Know
- The Minister of Finance, Wale Edun, announced that the government plans to sell foreign currency bonds to Nigerians both in the country and abroad.
- Edun also explained that the delay in issuing the bonds is because they want to build trust in their financial plans and earn the confidence of people who are doubtful about government actions.