Wale Edun, Minister of Finance
Nigeria’s $500m Domestic Bond Remains Bold Move for Economic Transformation
The Federal Government of Nigeria has officially launched a $500 million domestic bond, marking a pivotal moment in the nation’s economic reform and development agenda.
The announcement was made on Thursday, August 15 in Lagos by Mr. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, who heralded the initiative as a significant step towards attracting local and international investors.
The Series I $500 Million Domestic FGN US Dollar Bond is aimed at raising a minimum of $500 million.
Edun emphasized that the bond issuance is not just a financial instrument but a strategic effort to leverage the Nigerian financial system—including the Securities and Exchange Commission, the banking sector, and investment bankers—to attract foreign currency, particularly from Nigerians in the diaspora, as well as other global investors confident in the country’s economic reforms.
“The launch of this bond is a bold step towards economic transformation. It is poised to attract both local and international investors, marking a significant milestone in Nigeria’s ongoing economic reform and development efforts,” Edun stated.
During his presentation at the event, Edun highlighted the critical role of creativity and innovation in the financial market.
He encouraged investors to seize this strategic opportunity, noting the positive outcomes already emerging from the government’s current economic policies. These include significant revamps in government revenue and expenditure and an improving trade balance.
The Minister also spotlighted the government’s ongoing efforts to revitalize the agricultural sector, which he described as taking on “a new and promising direction.”
Also, he outlined the administration’s successful interventions aimed at reducing inflation and poverty, such as the removal of levies on food imports and the direct transfer of funds to the most vulnerable citizens.
“This new bond initiative is another crucial step in bolstering Nigeria’s economy,” Edun asserted.
He also addressed the challenges African nations face in international capital markets, particularly the unfavourable rating systems.
He assured that Nigeria aims to lead the continent in overcoming these obstacles, setting an example for other African nations.
With the launch of the historic bond, Edun expressed optimism about Nigeria’s potential to become a continental financial hub.
“Nigeria is poised to become a continental financial hub, where other African nations can raise capital and drive economic growth,” he declared.
Meanwhile, President Bola Tinubu has reaffirmed Nigeria’s commitment to adopting globally recognized sustainability reporting standards to attract capital investments, reshape business models, and protect the environment.
The declaration came during a meeting with Emmanuel Faber, chairman of the International Sustainability Standards Board (ISSB), held in Abuja.
The President’s endorsement coincided with the unveiling of Nigeria’s Adoption Readiness Roadmap by the Financial Reporting Council, in collaboration with ISSB.