Finance Corporation To Issue $1Bn Bonds In Nigeria


By Alphonsus E.W

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The International Financial Corporation (IFC) has said that it is working with financial regulators in Nigeria to issue a number of local-currency bonds totaling $1bn to finance private industrial projects.

Andrew Cross, IFC’s manager in charge of Treasury Client Solutions for Africa, said the projects would cover areas such as power, housing and support for the development of Small and Medium Scale Enterprises in Nigeria. According to a Bloomberg report, Mr. Cross said, “We believe that increasing access to local-currency finance by key sectors in the region will, in the long run, create growth and reduce poverty.”