Nigeria has received several funding offers from investors and institutional lenders, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said.
In an interview with Bloomberg TV, Mr Oyedele said the current market environment presents an opportunity for the country to refinance some of its existing debt while mobilising additional resources for development.
“We think that the timing is good for us to be able to maybe even refinance some of our expensive past debts, but to also raise more funding for our development at this critical time,” he added.
Asked whether Nigeria would go for a Eurobond issue or other commercial sources of finance, the minister said any decision would depend on market conditions, the size of funding required and the speed with which the government wants to access the funds.
Now the country had several options for financing, he said.
“We have many offers, there is a lot of interest in Nigeria from investors, which is good for us,” Mr. Oyedele said.
He said Nigeria also was talking to institutional lenders, such as the African Finance Corporation (AFC), the African Development Bank (AfDB) and Afreximbank, as well as financing arrangements with other countries.
He said, “We have a lot of options.”
The government, he said, would be weighing the cost, risks and appropriateness of available funding sources before arriving at the most appropriate financing strategy.
“The aim is to use resources efficiently in support of the country’s development priorities,” he said.
“We want to get the best results from every dollar or every naira we spend,” he said.
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