Nigeria may issue Panda bonds

Adeosun: ‘Initially we were looking simply at the Eurobond market but then we began to explore opportunities in the renminbi market, so there is a possibility of issuing a Panda bond.’ — Reuters

LAGOS: Nigeria is considering a sale of Chinese Panda bonds to help fund a record budget aimed at reviving Africa’s biggest economy as it suffers a slump in global oil prices, the finance minister said.

The Opec member, which is Africa’s No. 1 crude producer, could also dip into cash set aside for energy investment projects to help meet the 2016 budget if tax revenue misses targets, Kemi Adeosun said in an interview.