(Ecofin Agency) - Nigeria will issue NGN20 billion ($55 million) bond on April 24, 2019 to fund its budget, the Debt Management Office (DMO) indicated in a release published this week.

According to the release relayed by many local media, the new bond will mature in 2049 (30 years). On the other hand, there is no indication of the interest rate.   

“The issuance of the bond will meet the needs of annuity funds and other long term investors, while also developing the domestic capital market and reducing the re-financing risk of the Federal Government,” Premium Times revealed quoting DMO’s director general Patience Oniha (photo).

Recently, the country’s infrastructure investments have surged in the framework of the government’s diversification agenda aimed at cutting its reliance on the oil sector.

Two other bonds should also be issued this month, a 10-year NGN40 billion maturing in 2029 and the reopening of NGN40 billion bond maturing in 2023 namely.

Moutiou Adjibi Nourou