Finance Corporation to Issue $1b bonds in Nigeria

The International Finance Corporation (IFC) has said that it is working with regulators in Nigeria to issue a series of local-currency bonds totaling $1 billion to finance private industrial projects.

Andrew Cross, IFC’s manager in charge of Treasury Client Solutions for Africa, said the projects would cover areas such as power, housing and support for the development of Small and Medium Scale Enterprises in Nigeria.

According to a Bloomberg report, Mr. Coss said, “We believe that increasing access to local-currency finance by key sectors in the region will, in the long run, create growth and reduce poverty.”