A Review of the Nigerian Energy Industry

Nigeria sells $Ibn bonds – Okonjo Iweala

Dr. Ngozi Okonjo Iweala03 July 2013, Abuja – The Minister of Finance, Mrs Ngozi Okonjo-Iweala, said on Wednesday that Nigeria returned to the capital market after two years of absence and sold $1 billion dollar bond with ease.

Okonjo-Iweala said this in Abuja while briefing newsmen on the recently concluded road show in Europe and U.S. to float the billion dollar bond to international investors.

She said the bonds, which were four times oversubscribed, were improvements on investors’ response to the $500 million bonds floated in 2011.

“The reason we are excited is because as you know, these are turbulent times, especially following expectations of tapering of Qualitative Easing by the U.S. Federal Reserve Bank.

“So, the fact that Nigeria could go to the bond market, after waiting a while and we got four times our subscription, show confidence in the strength of the Nigerian economy,’’ she said.

Okonjo- Iweala said that the transaction attracted top investors primarily from US, Europe and Asia.

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