(Adds details, background)
ABUJA Oct 4 Nigeria's Debt Management Office
(DMO) has launched a one-week roadshow to Britain and the United
States to promote a planned $1 billion Eurobond issue to
investors, a government official said on Tuesday.
"The DMO is currently on a roadshow to the UK and U.S.," the
official told Reuters, asking not to be named. "It's (a)
pre-marketing engagement with prospective investors."
Finance Minister Kemi Adeosun is scheduled to take part in
the roadshow, the official said. Adeosun's office said the
minister travelled on Tuesday to attend a World Bank meeting in
Nigeria is yet to appoint advisers and bookrunners for the
bond offer after bids for the roles closed on Sept. 19. The
official said the appointments are still in process.
The DMO has said it expects to raise $1 billion from the
Eurobond market by mid-December, part of Nigeria's plans to
borrow a total of 1.8 trillion naira ($5.8 billion) from abroad
and at home to fund an expected budget deficit of 2.2 trillion
naira this year.
Africa's top economy has slid into recession for the first
time in more than 20 years, brought on by low oil prices that
have slashed government revenues and weakened the currency.
Last week, the president of the African Development Bank
(AfDB) said its board will this month consider approving a
first, $1 billion, loan to Nigeria to help cover this year's
($1 = 310.0000 naira)
(Reporting by Chijioke Ohuocha; Additional reporting by Oludare
Mayowa; Editing by Mark Trevelyan)