Federal Government launches five hundred million dollars bond

Written by Oluwakemi Kindness

The Federal Government of Nigeria has launched a five hundred dollar million domestic bond, marking a significant milestone in the country’s economic reform and development journey.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, who stated this while unveiling the Series I five hundred million dollars Domestic Federal Government of Nigeria U.S Dollar Bond in Lagos, said the launch is a bold step towards economic transformation poised to attract both local and international investors.

According to a statement on Thursday by the Director of Information in the ministry, Mohammed Manga, said Edun further stated that the bond issuance, which is set to leverage the Nigerian financial system, including the Securities and Exchange Commission, the banking system, and investment bankers, represents a critical effort to attract foreign currency held by Nigerians abroad, as well as other international investors who believe in the macroeconomic reform initiatives spearheaded by President Bola Tinubu.

In his presentation at the event, the Minister emphasized that the financial market thrives on creativity and innovation and that it is essential to encourage investors to participate in this strategic opportunity.

Addressing the challenges faced by African nations in the international capital markets, the Minister explained that the rating systems often do not favour the continent. In response, he assured that Nigeria aims to take the lead.

With this historic bond launch, the Minister expressed optimism that Nigeria is poised to become a continental financial hub, where other African nations can raise capital and drive economic growth.

Edited by Julian Adetinuyo