After a long wait all year, the Federal Republic of Nigeria has announced the launch of a dual-tranche Eurobond offering under its Global Medium Term Note Programme to finance the country’s 2024 fiscal deficit.

The two tranches of the Eurobond are, 6.5-year bond with a coupon rate of 10.125 percent and the second tranche is a 10-year bond with a coupon rate of 10.625 percent.

The last time Africa’s most populous nation tapped the international debt market was in March 2022, when it raised $1.25 billion at a rate of 8.375 percent through a seven-year Eurobond.

Eurobonds are dollar-denominated debt which is an important source of foreign capital used for development finance. This issuance can serve as a succour for the country’s volatile currency and uncertainties like silence from the fiscal side, poor reserves, low oil production others could cause damage to the credibility of the Nigerian economy.

The bonds are expected to settle on December 9, 2024.

The proceeds from the Eurobond will be used to fund critical infrastructure projects and support economic growth.

This Eurobond issuance marks another significant step in Nigeria’s efforts to diversify its funding sources and attract foreign investment.

Wale Edun, minister of finance had announced plans for the federal government to issue $1.7 billion Eurobond as part of an external borrowing plan to strengthen the country’s finances and support economic reforms last month.

He said, “The first objective is to complete the federal government’s external borrowing program with the approval of the $2.2 billion financing package, which will include access to the international capital market through a combination of Eurobonds and Sukuk bonds—approximately $1.7 billion from the Eurobond offer and $500 million from Sukuk financing.

He disclosed this to State House correspondents on Thursday after the federal executive council (FEC) meeting presided over by President Bola Tinubu at the Presidential Villa.

According to him, the financing package will be raised through a combination of Eurobonds and Sukuk bonds, with approximately $1.7 billion expected to come from the Eurobond offer and $500 million from Sukuk financing.

Driving the Renewed Hope Agenda of President Ahmed Bola Tinubu’s administration, aimed at creating wealth and employment opportunities for Nigerian youths, the National Agency for Science and Engineering Infrastructure (NASENI), has completed a 5-day training for 100 youths in Ebonyi State on Modern Methods of Electrical Installations and Maintenance.

From right: The Executive Vice Chairman/Chief Executive of the National Agency for Science and Engineering Infrastructure (NASENI) Mr Khalili Suleiman represented by the Coordinating Director Finance and Account, Mr. Ibrahim Baba Dauda presenting the Starter Pack Kits to one of the beneficiaries of NASENI Skill Acquisition Training and Empowerment for 100 Ebonyi Youths which ended at the weekend.

The training of the youths which took place at Remeritona Hotel and Suites Abakaliki, Ebonyi State, from 26th-29th November 2024, focused on advanced Installation of Electrical Wiring, Appliance Repair, Solar Power Installation, Electrical Panel Maintenance, Safety Inspections and Upgrading of Electrical Systems.

Speaking at the closing ceremony of the 5-day training, the Executive Vice Chairman/CEO of NASENI, Mr. Khalil Suleiman Halilu said by paying particular attention to job creation through skills acquisition training, the Agency is contributing to economic growth, creating enabling environment for the development of skills and poverty alleviation, making way for socio-economic development and to guarantee a safe and brighter future for the youths.

The EVC/CEO, who was represented by the Coordinating Director, Finance and Account, NASENI, Mr. Ibrahim Baba Dauda, said, “Statistics show that building construction is on the rise and there is high demand for quality electrical and maintenance skilled workforce, which is why NASENI embarked on this training, the third in the South-East zone.

The first two of the exercises took place in Anambra State on Solar Installation and Maintenance and Imo State respectively. According the EVC/CEO, “It is imperative to let you know that we draw inspiration from President Tinubu’s Renewed Hope 8-Point Agenda, which focuses on Ending Poverty, Economic Growth, Job Creation, Food Security, Access to Capital, Improved Security, Enabling Environment, Rule of Law, and the Fight against Corruption.”

He noted that aside from job creation, the Ebonyi programme will guarantee employability and economic opportunities for the youths, meet industry demands, safety and compliance, energy efficiency, skill and community development, technology advancements, global Opportunities and personal growth amongst others.

“It is heart-warming to note that the 100 Ebonyi youths who are here today, participated in this training. These youths, our future leaders, will go forward from here to embark on a journey that will transform their lives and empower them to contribute to the growth and development of our nation generally and specifically Ebonyi State”, he stressed.

He urged the beneficiaries to make judicious use of the startup kits handed over to them to build their career and train others. He further advised the participants not to sell the kits and tools that were given to them. “You must not sell the start-up kits, because money in the accounts now is just temporary, but the skill which you have will give you identity”.

In his address, the Executive Governor of Ebonyi State, Hon. Francis Ogbonna Nwifuru, represented by the Commissioner for Skill Development and Job Creation, Hon. Elija Okwu Oko Udu, said Ebonyi state said the training and youth empowerment carried out in collaboration with NASENI was a clear manifestation of the State’s vision to create opportunities for every Ebonyi youth to succeed and contribute meaningfully to society.

“Through this workshop, we did not only train 100 young men and women but also equipped them with startup tools to further their careers. This investment is a declaration of trust in your ability to lead, innovate and inspire. Skill acquisition is not just about individual growth, it is about building resilient commitment and a robust economy.

The youths were handed over startup kits containing, face shield, earmuff, hard hat, coverall, insulate glove, safety boot, safety eye goggle, fishing tape, cardless hammer drill, measuring tape, wire striper, non-contact tester, Allen wrench set, wireless inspection camera and conduit bender amongst other modern electrical tools.

FXTM Nigeria brought together cycling enthusiasts from across the country for an exciting charity cycling event over the weekend.

The competition, which drew 190 participants from states including Port Harcourt, Kwara, Ibadan, Ogun, and Lagos, highlighted the spirit of sportsmanship and community engagement.

The event featured six categories—Professional Male, Professional Female, Junior Male, Junior Female, Veteran Male, and Veteran Female—offering opportunities for cyclists of all skill levels to compete. Starting at 6:30 a.m., the race saw Juniors completing 10 laps, Veterans tackling 14, and Professionals racing an impressive 20 laps, with each lap spanning 2.8 kilometers.

Impressive Prizes for Top Performers

Participants competed for substantial cash prizes, with winners in the Professional categories receiving ₦500,000, ₦300,000, ₦200,000, and ₦150,000 for 1st to 4th positions, respectively. Cyclists finishing in 5th to 15th places were also rewarded with ₦50,000 each.

In the Junior Male and Female categories, winners earned ₦150,000, ₦100,000, and ₦50,000 for the top three spots. Veteran winners took home ₦250,000, ₦150,000, and ₦100,000 for 1st, 2nd, and 3rd positions, respectively.

A Celebration of Sportsmanship and Unity

Participants and spectators alike praised FXTM for organizing the event, which fostered a sense of unity and offered a platform for cyclists to showcase their talents.

Many attendees expressed gratitude for the opportunity to take part in such a well-organized and inclusive competition, hoping for more events of this nature in the future.

The event also reflected FXTM’s commitment to empowering communities and promoting values that align with their parent company Exinity’s philosophy of “freedom to succeed.”

Looking Ahead

The stand-in Country Representative for FXTM, Kelechi Ehibudu said: “FXTM is delighted to sponsor this Community cycling charity event. With its resounding success, this event has set a new benchmark for community-focused initiatives in Nigeria.

“FXTM’s dedication to blending sport, charity, and empowerment has left a lasting impression, inspiring many to look forward to future events.”