The Debt Management Office (DMO) plans to raise 315 billion to 385 billion naira ($1 billion to $1.26 billion) in the first quarter of the year through sales of naira-denominated bonds, the Debt Management Office said on Friday.
The DMO said it would auction bonds maturing in 2021 and 2027 and introduce a new seven-year bond. The 2021 and the 2027 are benchmark bonds that are currently traded, it said.
Nigeria, Africa’s biggest economy, issues sovereign bonds monthly to support the local bond market, create a benchmark for corporate issuance and fund its budget deficit.
The West African country plans to borrow 850 billion naira offshore to help part-finance a 2018 budget. It also expects $700 million to come from international sources, the portion of 2017’s funding that it is yet to raise.
The DMO raised $2.8 billion from international market last year, selling $2.5 billion in Eurobonds in November and another $300 million via Diaspora bonds earlier.