So, Nigeria is considering borrowing $2.5 billion from abroad through a Eurobond.

Already, the government had said last year it would borrow more from overseas than from home this year, as it had done in the past.

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The government plans to raise this money within the first quarter “to refinance a portion of its domestic treasury bill portfolio at lower cost,” according to the head of the Debt Management Office, DMO, Patience Oniha.

Oniha told Reuters on Thursday that Nigeria will also try to get back into the JP Morgan Government Bond Index, with improving liquidity in the local currency market.

She said a Eurobond placement will depend on market conditions, pricing and tenor.

“We are looking the issue probably first quarter depending on what the advisers say and subject to the market conditions,” the DMO Director General told Reuters by phone.

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Nigeria could also look at a possible syndicated loan as an alternative, Oniha said, adding that the issue is part of a $5.5 billion fund raising program approved by National Assembly year.

Nigeria has said it plans to refinance $3 billion worth of a local treasury bill portfolio of 2.7 trillion naira.

In November, Nigeria sold $3 billion in Eurobonds, part of which it used to fund its 2017 budget, and then paid off 198 billion naira in treasury bills.

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