• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Nigeria price $1.25bn Eurobond issue at 8.3%

3 years ago
in Business, Economy, Editor's pick, highlights, Home, home-news, latest News, Markets
2 min read
0 0
0
104
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Nigeria price $1.25bn Eurobond issue at 8.3%

The Nigerian debt management office has revealed that it has priced a $1.25 billion Eurobond issue at 8.375%.

This is high compared to existing tenors as the country sought to raise cash to fund a costly petrol subsidy scheme in the face of limited oil revenue.

The current debt issue of Nigeria marks eight outing on the Eurobond market after it sold a US$4 billion debt in September 2021 and had been considering more issues before fears around the Omicron coronavirus variant led it to shelve plans.

“The choice to go ahead with the Eurobond issue in the current adverse market conditions is likely connected to continued force majeure reducing oil revenue, while retained fuel subsidies are spiraling in tandem with the higher oil price,” said Mark Bohlund, senior analyst at Redd Intelligence.

According to the Finance Minister Zainab Ahmed, Nigeria planned to tap two billion euros (US$2.2 billion) this month or next of the money it raised in a Eurobond sale last year and target more local borrowing in 2022 to help fund its costly petrol subsidies as oil prices rise. 

Read: Africa’s next cohort of billion-dollar startups

RelatedPosts

FirstBank Prepares for 2025 Staff Engagement Empowering People, Shaping Culture, Achieving Targets

Gov’t to Overhaul Investment Law, Create 24-Hour Economy Authority in New Bills to Parliament

Ghana, Singapore Push Cross-Border Payments and SME Ties as Mahama Hails Stabilising Economy

The government in January reversed a pledge to end its subsidies then, and instead extended them by 18 months amid heightened inflation to avert any protests in the run-up to presidential elections next year.

At the same time, the price of oil has soared, so also has its cost as the country depends almost entirely on imports to meet its domestic gasoline needs. It also faces crude theft and vandalism in the Niger Delta, disrupting oil production.

With Thursday’s bond sale, Nigeria offered more than existing Eurobonds of 7.143%, creating extra debt service headache for the government struggling to boost growth with limited buffers.

President Muhammadu Buhari has said the country’s deficit would rise by 1.01 trillion naira to 7.40 trillion or 4% of GDP as the government eyes new borrowing for fuel subsidy. The deficit was originally set at 3.42% of GDP.

Analysts say deficit could rise above 10 trillion naira (US$24 billion) in 2022 on higher fuel subsidy cost amid rising oil prices.

Tags: eurobond marketNigeria price $1.25bn Eurobond issue at 8.3%Nigerian debt management office
No Result
View All Result

Highlights

GoldBod Suspends Gold Buyer’s Licence Over Illegal Pricing

JICA and AfDB Sign Agreement to Extend Enhanced Private Sector Assistance Initiative for $5.5 Billion

New Digitized Credit Plans Put Farmers First

International Syndicates Behind Oil Theft in Nigeria

Dangote Ends West Africa’s Fuel Import Dependence, Emerges Region’s Key Diesel, Jet Fuel Supplier

Parliamentary Select Committee on Lands and Natural Resources Visits AGA Iduapriem Mine

Trending

Banking & Finance

FirstBank Prepares for 2025 Staff Engagement Empowering People, Shaping Culture, Achieving Targets

August 28, 2025

FirstBank Prepares for 2025 Staff Engagement Empowering People, Shaping Culture, Achieving Targets FirstBank Ghana is set to...

Gov’t to Overhaul Investment Law, Create 24-Hour Economy Authority in New Bills to Parliament

August 28, 2025

Ghana, Singapore Push Cross-Border Payments and SME Ties as Mahama Hails Stabilising Economy

August 28, 2025

GoldBod Suspends Gold Buyer’s Licence Over Illegal Pricing

August 28, 2025

JICA and AfDB Sign Agreement to Extend Enhanced Private Sector Assistance Initiative for $5.5 Billion

August 28, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.