Nigeria to Meet Investors Next Week on $2.9 Billion Eurobond

(Bloomberg) -- Nigerian officials are scheduled to meet with investors in London next week about a planned sale of $2.9 billion of Eurobonds.

Citigroup Inc. and Standard Chartered Bank Plc are the transaction advisers and have yet to give guidance on the pricing date, Patience Oniha, the head of the country’s Debt Management Office, said on Friday in an emailed response to questions. The government said last month that it sought to raise $2.8 billion of the debt, “within the year.” The West African nation is scheduled to hold general elections in February.

The proceeds will help to fund some infrastructure projects under this year’s spending plans, according to lawmakers who approved the debt sale last month. Nigerian President Muhammadu Buhari in June signed this year’s 9.1 trillion-naira ($25 billion) budget, the country’s biggest yet, which increases investment in roads, rail, ports and power to boost the economy.

The International Monetary Fund forecast the economy of Africa’s largest oil producer will expand 1.9 percent this year. It contracted in 2016.

To contact the reporter on this story: David Malingha Doya in Abuja at dmalingha@bloomberg.net

To contact the editors responsible for this story: Rene Vollgraaff at rvollgraaff@bloomberg.net, Ana Monteiro, Jacqueline Mackenzie

©2018 Bloomberg L.P.