- Safiu Kehinde
The Federal Government of Nigeria has, yesterday, launched $500 million worth of domestic bond.
This was disclosed in statement issued by the Ministry of Finance on its official X handle.
As contained in the statement, Minister of Finance, Wale Edun, had launched the initiative at an event in Lagos yesterday.
He disclosed that the launch was a bold step towards economic transformation poised to attract both local and international investors.
“This historic initiative is aimed at raising a minimum of $500 million from both local and international investors, marking a significant step in Nigeria’s ongoing economic reform and development efforts” he had said.
Edun stressed further that the bond issuance, which is set to leverage the Nigerian financial system, including the Securities and Exchange Commission, the banking system, and investment bankers, represents a critical effort to attract foreign currency held by Nigerians abroad, as well as other international investors who believe in the macroeconomic reform initiatives spearheaded by President Bola Ahmed Tinubu.
He, however, emphasized on the importance of dollar funding, particularly in stabilizing the exchange rate which he said is vital for the country’s economic stability.
The Minister expressed optimism that Nigeria is poised to become a continental financial hub, where other African nations can raise capital and drive economic growth.