Nigeria plans to raise $2.8 billion, about 1.0 trillion naira of debt overseas as part of its 2018 budget.

It will also explore all options to lower costs, according to the head of the Debt Management Office DMO, who spoke to Reuters on Wednesday.

The government has laid out plans to borrow overseas even though interest rates are rising in the United States, which could see the west African country pay a higher premium on this occasion compared with its most recent debt sale in February.

“We will explore all options keeping in mind our twin objectives of extending the tenor of the debt stock and lowering costs,” Patience Oniha told Reuters, without giving details.

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Meanwhile the National Assembly needs to approve the new borrowing.

Recall that Oniha said in January that the DMO could tap capital markets or concessionary loans from the World Bank and would consider funding options after the 2018 budget had been approved.

Nigeria approved a three-year plan in 2016 to borrow more from abroad so that 40% of its loans would come from offshore in an attempt to lower borrowing costs. It now has around 23% of its debt from abroad, up from 16% when it approved the plan.

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