Nigeria Considers Panda Bonds to Help Plug Record Budget Gap
- May follow South Korea in selling yuan debt in China
- Africa's largest economy looking at cheapest funding sources
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Nigeria may become only the second nation after South Korea to sell yuan-denominated debt in China’s domestic market as it seeks to cut borrowing costs while plugging a record record budget deficit.
The West African nation may shun the Eurobond market, opting instead for renminbi or yen bonds, according to Finance Minister Kemi Adeosun. The government wants to raise as much as $1 billion in international capital markets to finance a deficit that’s forecast to be about 2.2 trillion naira ($11.1 billion) this year, she said April 9.