Nigeria Has Received Multiple Funding Offers, Finance Minister Says

Nigeria has received multiple funding offers from investors and institutional lenders, the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, has said.

Speaking in an interview with Bloomberg TV, Mr Oyedele said the current market environment presents an opportunity for the country to refinance some of its existing debt while mobilising additional resources for development.

“We think that the timing is good for us to be able to maybe even refinance some of our expensive past debts, but also to raise more funding for our development at this critical time,” he said.

Responding to questions on whether Nigeria would pursue a Eurobond issuance or other commercial financing options, the minister said any decision would depend on prevailing market conditions, the amount of funding required and the speed at which the government intends to access the funds.

He noted that the country currently has several financing options available. “We have a lot of offers, there is a lot of interest in Nigeria by investors, which is good for us,” Mr Oyedele said.

He added that Nigeria is also engaging with institutional lenders, including the African Finance Corporation (AFC), the African Development Bank (AfDB) and Afreximbank, alongside financing arrangements involving other countries.

“We have many options,” he noted.

Debt Refinancing and Development Goals

Mr Oyedele explained that the government would carefully evaluate the cost, risks and suitability of available funding sources before deciding on the most appropriate financing strategy.

According to him, the objective is to ensure efficient use of resources while supporting the country’s development priorities. “The goal is to get the best results from every dollar or every naira that we spend,” he said.