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| Minister of Finance, Kemi Adeosun |
The Minister of Finance, Kemi Adeosun, said on Wednesday Nigeria has raised $3 billion at the international capital market.
She disclosed this in a statement issued by her Special Adviser on Media and Communications, Mr. Oluyinka Akintunde, in Abuja.
She said the Notes comprised a $1.5 billion 10-year series and a $1.5 billion 30-year series.
The minister said: “The 10-year series will bear interest at a rate of 6.5 per cent, while the 30-year series will bear interest at a rate of 7.625 per cent.
“By raising $1.5 billion of 30-year notes, Nigeria has emulated a number of our international contemporaries, including Brazil, South Africa, Argentina and Egypt to issue long dated debt as the basis for long term infrastructure financing.
“It will also establish a benchmark for the private sector to extend the tenure of its own financing.
“This is critical to delivering an environment within which both the government and the domestic private sector can rapidly enhance its ability to fund investments in infrastructure projects and broader project financing.
“The full $1.5 billion proceeds of the 30 year notes are allocated to 2017 capital projects.’’
According to her, the 30-year notes will benefit Nigeria because it demonstrates strong investor confidence in the Nigerian economy and growth story, while providing the long term funding required to finance infrastructure projects at affordable interest rates.
