Mr Wale Edun
FG launches first series $500m domestic bonds to draw investors
Federal Government has officially launched the first series of its $500 million domestic bond, in a move aimed to attract both local and international investors.
Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, while unveiling the Series I USD500 Million Domestic FGN US Dollar Bond in Lagos, stated that the launch was a bold step towards economic transformation poised to attract both local and international investors.
“This historic initiative is aimed at raising a minimum of $500 million from both local and international investors, marking a significant step in Nigeria’s ongoing economic reform and development efforts” he said.
Mr Edun stated further that the bond issuance, which is set to leverage the Nigerian financial system, including the Securities and Exchange Commission, the banking system, and investment bankers, represents a critical effort to attract foreign currency held by Nigerians abroad, as well as other international investors who believe in the macroeconomic reform initiatives spearheaded by President Bola Ahmed Tinubu.
In his presentation at the event, the Minister emphasised that the financial market thrives on creativity and innovation and that it is essential to encourage investors to participate in this strategic opportunity.
While highlighting the positive outcomes already being seen from the current economic policies, Edun noted that government revenue and expenditure have been significantly revamped, and the trade balance is improving.
He informed of the government’s efforts in revitalizing the agricultural sector, which is taking on a new and promising direction.
The Minister said further that the present administration’s successful interventions to reduce inflation and poverty, such as the removal of levies on food imports and the direct transfer of funds to the most vulnerable citizens. He stressed that this new bond initiative is another crucial step in bolstering Nigeria’s economy.
