September 26, 2017

IFC to support private sector with $1bn Naira-denominated bonds

IFC to support private sector with $1bn Naira-denominated bonds... NAIJA INVEST

Still basking in the success of its debut Naija Bond, the International Finance Corporation (IFC) is to float a series of $1 billion Naira-denominated bonds to deepen Nigeria’s capital market and support private sector development in the country.

According to its Vice President and Treasurer, Mr Jingdong Hua, who disclosed this Wednesday in Lagos at the Debt Markets Conference organized by Securities and Exchange Commission (SEC) and IFC in partnership with National Pension Commission (PenCom), the objective of the programme is to help the private sector grow at micro level: “One entrepreneur at a time.”

He explained that the organization would be launching the domestic medium term note programme in Nigerian Naira to enable IFC issue up to $1billion in its equivalent local currency for the next several years with a view to developing the sector, adding that “our job in developing  the  private sector is really dovetailed into the government strategy of centring the growth of the Nigerian economy on the private sector because the private sector creates over 90 per cent of jobs.”

IFC to support private sector with $1bn Naira-denominated bonds... NAIJA INVEST

IFC to support private sector with $1bn Naira-denominated bonds… NAIJA INVEST

Hua stated that the private sector, “in our experience, doesn’t want to deal with the foreign exchange volatility. We can help and lend to them in Naira so that they can focus on building their businesses rather than worrying about foreign exchange volatility.”

IFC, a member of the World Bank Group, is working with SEC to launch this first long-term, local-currency bond program in the country.

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