Nigeria Eyes $2.9 Billion Debt Raise to End Power Shortages

Nigeria plans to raise 4 trillion naira ($2.9 billion) from its domestic capital markets to settle outstanding debts owed to power companies as it seeks to end perennial blackouts in the West African nation.

The first tranche of debt, totaling 501 billion naira, was issued earlier this month at a 17% yield and was fully subscribed, Olu Verheijen, President Bola Tinubu’s special adviser on energy, said in an interview. The balance will be issued each quarter or every six months, depending on market conditions, she said.