Nigeria set for diaspora bond rally in Europe

Nigeria is set for an international road show for the sale of a diaspora bond. The value of the bond is not know but Bank of America Merrill Lynch and Standard Bank of South Africa have been named as joint lead managers. Nigeria first announced plans to sell diaspora bonds worth between 100 million to 300 million dollars from Nigerians living abroad in 2013. The roadshow will start on June 13 with meetings planned in Britain, Switzerland and the United States. Nigeria, grappling with its first recession in 25 years that was largely brought on by low oil prices and the impact of attacks on energy facilities in the Niger Delta, has set a budget of $23.66 billion this year.