{"id":7941,"date":"2013-08-08T05:39:53","date_gmt":"2013-08-08T05:39:53","guid":{"rendered":"http:\/\/disnaija.com\/nigerian-newspapers\/ifc-to-issue-1bn-naira-bonds-to-fund-infrastructure\/"},"modified":"2013-08-08T05:39:53","modified_gmt":"2013-08-08T05:39:53","slug":"ifc-to-issue-1bn-naira-bonds-to-fund-infrastructure","status":"publish","type":"post","link":"https:\/\/disnaija.com\/ifc-to-issue-1bn-naira-bonds-to-fund-infrastructure\/","title":{"rendered":"IFC to issue $1bn naira bonds to fund infrastructure"},"content":{"rendered":"
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The International Finance Corporation yesterday reiterated its readiness to deepen Nigerian capital markets and support private sector development in the country by raising N160bn ($ 1bn) local currency bond.<\/p>\n

The Vice President and Treasurer of IFC, Mr. Jingdong Hua stated this during the Nigerian debt capital markets conference hosted by the Securities and Exchange Commission and IFC in Lagos<\/p>\n

According to him, a vibrant, local currency capital market is essential for any country to achieve its full economic potential, and a cornerstone of IFC strategy is to help countries achieve sustainable growth.<\/p>\n

He said, \u201cOur desire to put in place a program for regular naira denominated issuances reflects IFC\u2019s commitment to the domestic capital markets in Nigeria, and our growing investment to support private sector development in the country.\u201d As at its last financial year ended June 30, 2013, he said the corporation has invested $ 1.5bn in the country, which is 30 per cent of entire money invested in Sub-Sahara Africa.<\/p>\n

\u201cIFC\u2019s committed portfolio in Nigeria stands at $ 1.5bn, the largest country portfolio in Africa and the eighth-largest globally\u201d, he said.<\/p>\n

He explained that the corporation will finance infrastructure, especially power, which was identified as the key constraint to private sector development and the agribusiness, the largest single contributor to Gross Domestic Product.<\/p>\n

The IFC issued its $ 75m debut Nigeria local currency bond at a yield of 10.2 per cent in February, the first of several planned African local currency bonds, including in South Africa, Ghana, Zambia, Rwanda, Namibia, Botswana, Uganda, Kenya and the West African CFA franc bloc.<\/p>\n

The Director General of SEC, Ms. Arunma Oteh said capital market have been part of development witnessing in Nigeria today, as 18 states have issued $ 3.5bn bond. Oteh while highlighting some of key achievements and challenges within the last few years, stated that the conference provides Nigeria market a unique opportunity to leverage the IFC\u2019s wealth of experience in both developed and developing markets to boost capacity.<\/p>\n

According to her, SEC has spearheaded a number of reforms to accelerate the development of Nigeria\u2019s domestic capital markets. She stressed that the commission\u2019s key reform initiatives include enhancing the framework for bond issuance, developing rules on book building and shelf registration among others.<\/p>\n

Oteh said there was more corporate bond issuances in 2011 than in any other year in Nigeria\u2019s history and she hope that the joint conference will help sustain the momentum and encourage more issuances to further deepen the domestic bond market.<\/p>\n

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Source: National Mirror Newspaper<\/p>\n

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