Wednesday, 13 March 2013

FEC set to approve Nigeria $1bn Eurobond proposal

The latest proposal follows the successful performance of the country’s $500 million debut Eurobond last year.The meeting of the Executive Council of the Federation (FEC) is expected to on Wednesday give approval to the proposal for Nigeria’s issuance of various bonds through syndicated global depository notes.
I gathered on Tuesday in Abuja that members of the Council will discuss a memo to be presented by the Minister of Finance and Coordinator for the Economy, Ngozi Okonjo-Iweala, proposing that Nigeria issue $1billion Eurobond; $100 million Diaspora bond, and N80 billion Federal Government bonds.
The latest proposal follows the successful performance of the country’s $500 million debut Eurobond last year, which was heavily over-subscribed 2.5 times to about $1.25 billion, in line with Nigeria’s 7.0 per cent guidance to build an asset base absent of depleting crude oil savings.

The meeting will also discuss the presentation by the Minister of Trade and Investment, Segun Aganga, proposing the review of the Export Expansion Grant (EEG) scheme to help stimulate export-based activities to significantly boost the growth of the non-oil export sector.
The Minister of Lands, Housing and Urban Development, Ama Pepple, is also expected to present a memo for discussion towards the ratification of the President, Goodluck Jonathan’s, anticipatory approval for the selection of concessionaire/developer of the FESTAC Phase II in Lagos.
The review and appraisal of the performance of the various ministries, departments and agencies, MDAs is expected to continue, with the Minister of Information, Labaran Maku, and his counterpart in the Ministry of Interior, Abba Moro, expected to take their turns to brief the Council on their progress and challenges,premiumtimes reports
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