New Economy Forum
Nigeria Seeks Concessional Loans to Tame Debt-Service Costs
- Debt office to look for cheaper alternatives to Eurobonds
- Nigeria’s been one of Africa’s most prolific bond issuers
Photographer: George Osodi/Bloomberg
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Nigeria may have about the best-performing Eurobonds in emerging markets this year, but the West African nation says it will prioritize borrowing from concessional lenders such as the World Bank and African Development Bank as it looks to rein in interest payments.
“If you were to ask me if we’re going to issue Eurobonds this year, I’d say we’ll explore all the options,” Patience Oniha, head of the Debt Management Office, said in an interview Tuesday in Abuja, the capital. “Our preferred option is to explore concessional sources. One of our major objectives is to reduce debt-service costs.”