Nigeria Advises Citizens Abroad To Buy Its $300m Diaspora Bond
Most people keep their monies where their hearts are.
The Nigerian government wants citizens resident abroad to invest more in the development of the national economy and have more strings attached.
This is according to President's aide on Foreign Affairs and Diaspora, Abike Dabiri-Erewa.
Her advice is coming after the Debt Management Office (DMO) announced the commencement of a global offering of Nigeria’s first Diaspora Bond.
According to her, the DMO also filed a registration statement for the bonds with the U.S. Securities and Exchange Commission.
The government plans to use the Diaspora Bond to raise funds from Nigerians in the Diaspora to finance capital projects.
The DMO had said that application would be made for the bonds to be admitted to the official list of the UK Listing Authority and the London Stock Exchange Plc.
The SSA explained that the process would was initiated to ensure that the bonds were admitted to trading on the London Stock Exchange’s regulated market.
“The bonds will be direct general obligations of Nigeria and will be denominated in U.S. dollars.
“The international Joint Lead Managers are Bank of America Merrill Lynch and The Standard Bank of South Africa Limited.
“The Nigerian Joint Lead Managers are First Bank of Nigeria Limited and United Bank for Africa Plc,’’ she quoted DMO as saying.
Meanwhile, the 2017 budget with a deficit of of 2.6 trillion Naira has been signed into law by Acting President Yemi Osinbajo and the government is looking to generate funds to take care of the deficit.