Nigeria to sell $1 billion in Eurobonds as recession bites

September 16, 2016 1:33 PM

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LAGOS, Nigeria – Nigerian officials say the major African oil producer soon will sell $1 billion in Eurobonds to finance a budget deficit as a recession takes hold amid foreign currency shortages and double-digit inflation.

The government plans to borrow $5 billion from abroad for capital infrastructure projects to boost Africa's largest economy and create jobs.

Also read: ECB Leaves Stimulus Unchanged as Decision Deadline for QE Looms

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