Nigeria’s President Muhammadu Buhari has said the country is
looking to raise funds by borrowing from World Bank, the African Development Bank,
the Chinese Ex-Im Bank and other development finance partners but with a
promise that the borrowed funds would not be frittered away.
Buhari
said in an article published online by Bloomberg that his government had
already begun to raise a $1 billion Eurobond, the country’s first in three
years, as part of broader plans to revive Nigeria’s almost comatose
infrastructure and strengthen local food production capacity.
“In
the face of dwindling oil revenues, we are turning to debt,” Buhari said. “We
have begun raising a $1 billion Eurobond, our first in three years.”
“We
are also raising debt from the World Bank, the African Development Bank, the
Chinese Ex-Im Bank and other development finance partners.”
“Unlike
in the past, when borrowed funds were frittered away on unproductive ventures,
we will ensure their investment in the revival of stalled road, rail, power and
port projects, and in agricultural initiatives that will significantly boost
domestic production of food.”
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