NewsExpress advert FCMB banner
Breaking News: IFC to launch $1Bn local-currency bond programme to support Nigeria’s capital markets

By News Express on 07/08/2013

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 5,932

WASHINGTON, August 7, 2013/African Press Organization (APO)/ IFC, a member of the World Bank Group, is working with the Securities and Exchange Commission in Nigeria to launch the first long-term, local-currency bond program in the country. The program will allow IFC to issue a series of local-currency bonds totaling up to $1 billion, to deepen domestic capital markets and support private sector development in Nigeria.

Nigeria is a leader in the implementation of the IFC Pan African Domestic Medium Term Note Programme. The program enables IFC to raise long-term, local-currency funding for private sector development in the region.

“SEC has spearheaded a number of reforms to accelerate the development of Nigeria’s domestic capital markets, and the IFC program is an important contribution to these efforts,” said Arunma Oteh, Director General of the Securities and Exchange Commission. “It will enable regular domestic issuances by an international, triple-A rated issuer, expanding the opportunities for investors and increasing access to local-currency finance for Nigerian businesses.”

In February 2013, IFC issued the first local-currency bond by a non-resident issuer in Nigeria, raising 12 billion naira ($76.3 million).

IFC issues bonds as part of its regular program of raising funds for private sector development, and to support the development of domestic capital markets. In many cases IFC is the first, or among the first non-resident issuers.

IFC Vice President and Treasurer Jingdong Hua said: “A vibrant, local-currency capital market is essential for any country to achieve its full economic potential, and a cornerstone of our strategy to help countries achieve sustainable growth. Our desire to put in place a program for regular naira-denominated issuances reflects IFC’s commitment to the domestic capital markets in Nigeria, and our growing investment to support private sector development in the country.”

IFC’s strategy in Nigeria prioritizes infrastructure, especially power, which was identified as the key constraint to private sector development; agribusiness, the largest single contributor to GDP and the largest employer, especially within the rural poor; the development of small and medium enterprises, the country’s largest formal and informal employer, including for youth; and housing. These strategic areas are also in line with the Government of Nigeria’s key priorities.

IFC’s committed portfolio in Nigeria stands at $1.5 billion, the largest country portfolio in Africa and the eighth-largest globally.

•Photo shows Arunma Oteh, DG of Nigeria’s Securities and Exchange Commission (SEC).

Source News Express

Posted 07/08/2013 7:24:32 PM


Share on facebook Yahoo mail icon Gmail icon Share on Google+



REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...


You may also like...
Muslim, Xtian leaders meet in Lagos

El Classico: How Ronaldo vanquished Messi and Barca...

Turaki charges youths on unity, non-violence

Panic as 2 allegedly receive 666 mark in...

Oluwo of Iwo leads special prayer session for...

Shareholders commend CBN’s policy on cheque deposit in...

Wikipedia partners Nigerian NGOs to celebrate women

We’ll take Lagos to the next level in...

Boko Haram bombers kill 23 in Chad, injure...

US Govt. invites Umeagbalasi, Intersociety Chairman, for International...

Boko Haram substantially degraded, says Ex-Head of State...

My travails in the hands of Nigeria’s law...


Latest News Sergeant, 3 others arrested for robbing Deputy Governor Biafra: FG re-arraigns 3 IPOB chiefs over alleged treason, illegal possession of firearms REVEALED: The last request of Senator Wakili before he slumped and died Senate adjourns plenary over Wakili’s death; to hold valedictory session Tricyclist, 5 others docked over false alarm on missing sexual organ UNIMAID final year student bathed with acid Bayelsa Governor rallies support for PDP National Chair, intensifies consultations with stakeholders Troops capture gunrunner in Southern Kaduna NIPOST bags global award Why I visited Araraume — Ohakim World’s last surviving male northern white rhino dies Meat poisoning crisis plunges Tiger Brands into heavy losses


Most Read Nigerian female sex addict opens up, says ‘I like it with both men and women’ (332,526 views) NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (325,211 views) Shameless Genevieve Nnaji exposes breasts in public (260,913 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (214,453 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (198,067 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (192,520 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (167,757 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (150,484 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (143,212 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (133,322 views) Lagos plane crash: Journalist releases victims’ names (132,679 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (125,947 views)


Categories Advertorials (3) African Press Organisation (81) Art & Literature (34) Business & Economy (2,973) Business Verdict (36) Columnists (814) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (455) Features (554) Global Business Monitor (239) International (1,859) Interview (146) Live Commentary (28) Love Matters (114) News (33,764) Opinion (896) Pidgin (10) Politics (4,628) Religion (701) Sports (1,457) Stock Watch (28) AMA & Al Jazeera Global Update





Football Highlight -- BARCELONA - CHELSEA 3:0


APO Group Partner




REVEALED: 3 natural ways to get stronger erections, last 25minutes on bed, and increase manhood size without using drugs. Also, Natural Prostrate Enlargement Remedy.. Get In HERE...

GOCOP Accredited Member

GOCOP Accredited member



Africa Media Agency and Al Jazeera