IFC To Issue 50m Dollar Bond To Boost Nigeria Market

Mr Jingdong Hua, Vice President, the International Finance Corporation(IFC), on Wednesday said that the corporation would issue a five-year naira denominated 50 million dollar (N7.86 billion) bond to boost the nation's bourse.

Hua, who stated this in Lagos during a visit to the Nigerian Stock Exchange (NSE), said that the proceeds of the bond would be used for local private sector investments.

He said that the corporation first naira denominated bond would be tagged "Naija Bond" to represent the spirit of Nigerian people who are hardworking, confident and optimistic of the future.

Hua, who is also the corporation's Treasurer, added that the bond would offer domestic investors the opportunity to tap into the fixed income security.

He noted that the inclusion of the nation's bond into the JP Morgan's emerging market index was timely due to emergence of Nigeria as a choice of destination for investment.

The vice president, who disclosed that the Nigerian bond market had been functioning for decades , added that the corporation would float more issues in future.

Mr Solomon Adegbie-Quaynor, the Country Manager, Nigeria Africa Department of IFC, said that the issue was a fall out of its five years business strategy.

Adegbie-Quaynor said that the corporation had been working with the regulatory authorities to ensure a right environment for the bond issuance.

 

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Customs PAAR Will Create Culture Of Transparency, Accountability – Bello

The introduction of Pre-arrival Assessment Report (PAAR), an internal initiative of the Nigeria Customs Service, will usher in a more transparent culture in the management of cargoes at the nation’s seaports, says Awwal Bello. According to him, &...

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Kaduna Budgets N11bn For Health Care Services

Kaduna State Government is to spend over N11 billion this year to improve health care services, the Commissioner for Health, Mr Turaki Kalik has said.

Kalik said while defending the budget at the State House of Assembly on Friday that, N4 billon of the amount would be spent on capital projects while N6.1 billion would be for recurrent expenditure.

Kalik said part of the amount would be used to upgrade some primary health centres, as well as the Barau Dikko Specialist Hospital being upgraded to a teaching hospital.

He said the recurrent budget size when compared to 2012, had risen from N5.5 billion to N6.7 billion, due to plans to recruit more doctors, nurses and other health workers.

He said the ministry had established a monitoring and evaluation department to supervise health workers and healthcare facilities.

He added that the state had provided N1 billion to fund the new free health services programme for children and pregnant women.

The Chairman, House Committee on Health, Alhaji Shehu Adamu expressed satisfaction with the ministry's presentation.

Adamu assured that the assemby would appropriate the funds requested in order to enhance healthcare delivery in the state.

In a related development, the state government said it would spend N5.6 billion on the digitisation of its broadcast stations, and an additional N341 million for other works on the state radio.

The Commissioner for Information, Alhaji Saidu Adamu said while defending the budget of the ministry at the assembly that the aim was to fully equip the stations to provide quality services to the people. (NAN)

 

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