Nigeria to delay proposed 3 3bn eurobond on coronavirus concerns

Nigeria is considering delaying its planned $3.3 billion Eurobond issuance due to concerns over the impact of the COVID-19 pandemic on the country's economy.

According to reports, the Nigerian government had planned to issue the Eurobond in the second quarter of 2020 to raise funds for infrastructure development and other projects. However, the government is now reviewing its plans in light of the pandemic's impact on the country's economy.

The Nigerian government had initially planned to issue the Eurobond in March 2020, but the plan was put on hold due to market volatility caused by the pandemic. The government is now considering delaying the issuance until the second half of 2020 or even 2021, depending on the situation.

The decision to delay the Eurobond issuance is seen as a prudent move by the government, given the uncertainty surrounding the pandemic's impact on the global economy. Nigeria's economy is heavily dependent on oil exports, and the pandemic has led to a significant decline in oil prices, which has put pressure on the country's finances.

The Nigerian government is also considering other options to raise funds, including issuing domestic bonds and seeking assistance from international organizations such as the International Monetary Fund (IMF).

In a statement, the Nigerian government said that it was "closely monitoring the situation and will take a decision that is in the best interest of the country."

The delay in the Eurobond issuance is likely to have implications for the country's infrastructure development plans, as well as its ability to meet its debt obligations. However, the government's decision to delay the issuance is seen as a necessary step to ensure the country's financial stability in the face of the pandemic.