In a desperate to mop up liquidity for the economy from the international community, Nigeria’s Debt Management Office (DMO) has launched a one-week roadshow to Britain and the United States. The targets amongst others are to promote a planned $1 billion Eurobond issue to investors.
A government official who pleaded anonymity said “The DMO is currently on a roadshow to the UK and U.S.,” the official told Reuters, asking not to be named. “It’s (a) pre-marketing engagement with prospective investors.”
Programme for the Roadshow indicates that Finance Minister, Kemi Adeosun is scheduled to take part in the roadshow, on her way back from ongoing World Bank meeting in Washington.
However, DMo is yet to appoint advisers and bookrunners for the bond offer after bids for the roles closed on Sept. 19. The official said the appointments are still in process.
The DMO has said it expects to raise $1 billion from the Eurobond market by mid-December, part of Nigeria’s plans to borrow a total of 1.8 trillion naira ($5.8 billion) from abroad and at home to fund an expected budget deficit of 2.2 trillion naira this year.