The Sale of diaspora bond to witness roadshow for more patronage – DMO

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Nigeria's ministry of finance building

Nigeria’s ministry of finance building

The Debt Management Office, DMO, has said that the Nigerian government will start an international roadshow in June for the sale of a diaspora bond.

The DMO, in a notice on Thursday, said the government had named Bank of America Merrill Lynch and Standard Bank of South Africa as joint lead managers for the sale.

A statement by the debt office said the roadshow will start on June 13 with meetings planned in Britain, Switzerland and the United States.

“Nigeria has filed a registration statement for the bonds with the United States Securities and Exchange Commission ,” the statement added.

According to Reuters, the DMO said the bonds would be listed in London but gave no price expectations.

In February, the Nigerian government raised $1 billion and $500 million in March from Eurobond sales.

Nigeria, plagued by an economic recession brought about by dwindling prices of oil, its main revenue source, has been borrowing to finance its budget deficit.

Similarly, the government is planning more external borrowing to plug the gap in the 2017 budget.

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