(Ecofin Agency) - Nigeria’s Federal Government has appointed Stanbic IBTC and Goldman Sachs as its financial advisers for the $300 million Diaspora Bond which will now be rolled out before H2 of the year, rather than initial March 2017 scheduled date.

This bond which is in line with the Federal Government’s External Borrowing Plan for 2016 – 2018, is aimed at diversifying government’s sources of finance.

The country had initially announced plans to sell them in 2013 to raise between $100 million to $300 million. Goldman Sachs and Stanbic were expected to manage the sale of the bonds then, but the government had not appointed any lead manager before the 2015 election that brought President Muhammadu Buhari to power, Reuters reports.

Nigeria which is currently in recession is seeking for money to fill the gaps in its budget as low crude oil prices and militant attacks in the Niger Delta region, have cut its revenues.

According to a finance ministry source, the country will issue a diaspora bond after completing a $1 billion Eurobond sale.

The House of Representatives in April 2016, approved a request by President Muhammad Buhari to increase the Diaspora Bond from $100 million Euro Bond to $300 million Euro Bond, which will be raised from the international market.

Anita Fatunji