Federal Government is working with Austria and the Vienna Stock Exchange to establish a bond vehicle that will raise funds for foreign companies investing in projects in Nigeria.
Gatekeepers News reports that Atiku Bagudu, Minister of Budget and Economic Planning, disclosed this while addressing the GPF Global Vienna meeting in Austria on Tuesday via a video message posted on X.
Bagudu said the vehicle, known as the Esme bond, was created after about 18 months of discussions involving Nigerian and Austrian officials, the Vienna Stock Exchange and fund managers. The bond will be listed on the Vienna Stock Exchange and used to finance Austrian companies and other businesses investing in sectors including green technology, waste-to-energy, textiles, pharmaceuticals and agriculture.
He said the companies would be expected to bring their expertise into Nigeria, invest and expand their operations in the country.
According to the minister, the initiative is part of the Federal Government’s efforts to mobilise private capital needed to achieve President Bola Tinubu’s target of growing Nigeria’s economy to $1 trillion.
Bagudu said the government was working to complete the outstanding requirements for the bond placement. He added that Nigerian bonds had become more attractive to foreign investors following improved naira stability, with some investors recording dollar returns of almost 20 percent.
He also said Nigeria’s foreign reserves had risen above $50 billion, providing more than 11 months of import cover, while conditions in the foreign exchange market had stabilised.
Bagudu described Austria’s technological strength and Nigeria’s large market and population as complementary advantages that could strengthen investment and business ties between both countries.
