Nigeria is looking to expand and simplify its borrowing power.

On Friday, London’s Lord Mayor who is on a visit to Nigeria told Reuters that Britain and Nigeria are exploring ways to list naira-denominated bonds on the London Stock Exchange to help fund infrastructure projects in Nigeria.

Charles Bowman, who acts as an ambassador for the British capital’s financial district, held talks with vice president Yemi Osinbajo during his 3-day visit.

He also held talks with Minister of trade and industry, Okechukwu Enelama and representatives of both Nigeria’s stock exchange and central bank of Nigeria.

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“We are looking at clever methods of essentially being able to list, by way of example naira-denominated bonds, but having those listed on the London Stock Exchange. Having local bonds with an access point into the London Stock Exchange,” said Bowman.

Bowman however did not provide specific details of who had been involved in the talks, how advanced discussions were or when such a move could take place.

“We have a lot of capital in London, but we don’t have the projects to support. Nigeria has lots of projects to support and not the capital - you are reliant on the banking structure,” said Bowman.

“Unleash the capital market, link London and Nigeria and what a great opportunity,” he added.

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