Wale Edun: Nigeria to Offer $500 Million Securities to Diaspora Nigerians in Weeks

Wale Edun: Nigeria to Offer $500 Million Securities to Diaspora Nigerians in Weeks

By Fly Cable News

Nigeria’s government plans to sell $500 million of dollar-denominated securities in the domestic market to attract foreign currency held by its citizens living abroad, Finance Minister Wale Edun said.

Edun told reporters at a Thursday briefing in Abuja, the capital, that the offering will take place within the next four weeks. He said that while there is the opportunity to consider a Eurobond offering, the government will hold off on issuing one for now.

“Eurobond is one of our options; the markets are open to us; our ratings and our performance merit it,” Edun said. “But we prefer, in the first instance, to challenge Nigerians to come home with their money and be part of the Nigerian reform success story.”

Nigerian President Bola Tinubu ushered in a series of economic reforms after taking power in May last year, including liberalising the nation’s exchange rate. Since then, he’s been trying to attract foreign investment to help support the naira, which has lost more than 70% of its value since June 2023.

“We need to attract the savings of Nigerians that keep their money abroad,” he said.

Edun said the government’s reforms are starting to bear fruit, citing the more stable exchange rate, narrowing budget deficit, and positive trade balance. The budget shortfall is currently estimated at 4.4% of gross domestic product, compared with 6.1% in 2023.