“I do not think anyone in Nigeria needs persuading of the need for urgent action on the environment. Desertification in the north, floods in ... the centre, pollution and erosion on the coast are enough evidence. For Nigeria, climate change is not about the perils of tomorrow, but what is happening today,” President Muhammadu Buhari said during the UN Climate Change Conference (COP26) in October. And today means Nigerians are finding it increasingly hard to afford basic food items.
The bank last week priced its $300m London-listed bond maturing in February 2026. The issue was more than three times oversubscribed and drew “significant” international interest, says Akinwuntan.
“The strength and depth of the book demonstrated global investors’ strong appetite for the Ecobank franchise in Nigeria.”
The sale shows that appetite for corporate African debt has survived the Zambia sovereign debt default in November 2020.
Ecobank Nigeria is the largest single-country operation of the Ecobank Group, which operates in 33 African countries.