Finance Minister Kicks Off Investors Roadshow In UK
Kemi Adeosun, Minister of Finance[/caption]
As part of ways to update holders of the nation’s existing international bonds on recent developments in the country and the near term economic outlook, the Federal Government has kicked off a non-deal investor roadshow.
This was contained in a statement issued by Festus Akanbi, SA Media to Honourable Minister of Finance, Kemi Adeosun on Thursday.
Festus said that the Minister met with London-based investors on Tuesday 7th June to provide an update on the government’s plans for economic reform, investment and growth.
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According to the statement, the day-long event organised by Standard Chartered Bank was also aimed at developing a greater understanding of the government’s economic strategy amongst the global investment community.
“The non-deal roadshow is part of our investor relations outreach to engage with holders of our sovereign bonds. We plan to continue the engagement over the coming months,” Adeosun had said shortly after the event.
The statement noted that Nigeria’s Eurobonds have rallied significantly since the beginning of the year, with the average yield on Nigeria’s July 2023 Eurobond contracting approximately 200bps since the peak in mid-January, buoyed by increasing confidence and the global oil price recovery.
Joined by the Debt Management Office (DMO) and the Central Bank of Nigeria, Minister Adeosun outlined the new reform agenda being implemented in Nigeria.
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“Sixty five representatives of some of the largest European and global investment managers were able to engage with the Minister about the government’s reform strategy and plans for financing infrastructure development and growth,” the statement read.
The Minister spoke of the new administration’s commitment to resetting the economy through its initiatives in fighting corruption, plugging leakages, improving efficiency and implementing a culture of financial discipline across all tiers of government.
The Minister also spoke on the administration’s strategy of targeted capital investment to be funded from prudent borrowing which will address the infrastructure deficit, eliminate barriers to growth and create an enabling environment for private investment. The core aim of the strategy is to diversify the economy from the historical dependence on oil.
