Nigeria has Commitments for $500m of its Planned Eurobond –Minister

Nigeria has $500 million of commitments for the planned $1 billion eurobond it intends to issue before the end of the year and any decision to increase the size of the offer will depend on pricing, Finance Minister Kemi Adeosun said on Thursday.

Nigeria wants to sell a $1 billion in eurobonds by the end of the year although, as of Thursday, no bank had been appointed to arrange the issue.

"At the moment am focused on the $1 billion," she said in a video recording to an investor conference in Lagos.

Nigeria, Africa's largest economy, slipped into recession for the first time in 25 years in the second quarter, largely due to low global oil prices. Crude oil sales account for about two-thirds of government revenues.

The government has laid out plans to spend a record 6.866 trillion naira ($22.5 billion) to help pull Nigeria out of recession in a draft 2017 budget sent to parliament for approval.

Spending this year was 6.06 trillion naira, but the government has struggled to fund this, and analysts were sceptical that it would manage to meet the targets for overseas borrowing that it has set for the next few years.