Nigeria plans major Bond auctions to finance record budget

Nigeria’s Government in planning to raise significant debt in the coming months to finance the $19.4 billion plan to jump start the country’s slumping economy.  Now experiencing the worst recession in decades and with oil prices still at historic lows, ratings agencies have downgraded the country’s sovereign credit rating further.

But the country enjoys a relatively low debt to GDP ratio when compared to others on the continent and the country’s Debt Management Office is confident of Nigeria’s ongoing ability to service the debt.

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