Money

Mr Jingdong Hua, Vice President, the International Finance Corporation(IFC), on Wednesday said that the corporation would issue a five-year naira denominated 50 million dollar (N7.86 billion) bond to boost the nation's bourse.

Hua, who stated this in Lagos during a visit to the Nigerian Stock Exchange (NSE), said that the proceeds of the bond would be used for local private sector investments.

He said that the corporation first naira denominated bond would be tagged "Naija Bond" to represent the spirit of Nigerian people who are hardworking, confident and optimistic of the future.

Hua, who is also the corporation's Treasurer, added that the bond would offer domestic investors the opportunity to tap into the fixed income security.

He noted that the inclusion of the nation's bond into the JP Morgan's emerging market index was timely due to emergence of Nigeria as a choice of destination for investment.

The vice president, who disclosed that the Nigerian bond market had been functioning for decades , added that the corporation would float more issues in future.

Mr Solomon Adegbie-Quaynor, the Country Manager, Nigeria Africa Department of IFC, said that the issue was a fall out of its five years business strategy.

Adegbie-Quaynor said that the corporation had been working with the regulatory authorities to ensure a right environment for the bond issuance.

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