Nigeria plans to issue a diaspora bond of up to $500 million in the third quarter, announced Finance Minister Olawale Edun. This move is part of a broader strategy to stabilize and grow the economy.
The domestic dollar-denominated bond aims to attract investment from Nigerians living abroad and those with savings held overseas. It also seeks to demonstrate the strength and resilience of Nigeria’s economy amidst ongoing reforms.
President Bola Tinubu’s administration has undertaken significant reforms, including slashing petrol and electricity subsidies and devaluing the naira twice. These measures have contributed to a projected budget deficit of 4% this year, Edun said in a statement on Thursday.
The bond issuance is part of the government’s efforts to boost inclusive growth, potentially lifting millions out of poverty and attracting both domestic and foreign investments.
Since taking office a little over a year ago, Tinubu’s reforms have been well-received by investors, signaling a concerted push to strengthen Nigeria’s economic foundations.
