Nigeria’s Central Bank Governor, Olayemi Cardoso, has revealed plans to launch a diaspora bond in the United States to achieve monthly remittance inflows of $1 billion. This move is part of the government’s strategy to boost economic growth and address significant challenges, including foreign exchange payments and fuel subsidy costs.
Government’s Economic Strategy
The Federal Government launched its first-ever dollar-denominated domestic bond on August 15, with subscriptions starting at $1,000 per unit. Finance Minister Wale Edun stated that the $500 million domestic bond was oversubscribed, exceeding 180% subscription rate. This successful capital raise demonstrates investor confidence in Nigeria’s economic growth prospects.
By launching the diaspora bond, Nigeria aims to strengthen ties with its diaspora community and attract foreign investment to support economic development.
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