Nigeria plans to raise $300 mln via “diaspora bond” by June

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LAGOS, JANUARY 31, 2017 – Nigeria plans to raise $300 million by selling a diaspora bond targeting Nigerians living abroad, one of the book runners on the deal, First Bank told Reuters on Tuesday.

The bond, which will have a maturity of five to seven years, is expected to be issued by June, the bank said.

Nigeria has asked Goldman Sachs and Stanbic IBTC Bank , the local unit of South Africa’s Standard Bank , to advise it on the sale of the maiden bond. It also appointed United Bank for Africa as one of the bookrunners on the deal.

Nigeria is the world’s fifth-biggest destination for international remittances with 5 million Nigerians living abroad sending money back to relatives, according to Western Union.

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