Nigeria Weighs Joining Other Africa Issuers With Eurobond Sale

Nigeria is planning to raise as much as $2.3 billion in a eurobond sale in the fourth quarter, potentially joining other African issuers taking advantage of lower borrowing costs.

Lawmakers in the West African nation are considering a request by President Bola Ahmed Tinubu to raise that amount in foreign loans before the end of the year, along with $500 million of sukuk to be issued externally for the first time. He also requested approval to refinance $1.1 billion of dollar debt maturing in November, according to a letter written by Tinubu to the House of Representatives on Tuesday.