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Bond Market News
Nigeria Readying For Up to $12bn Investment from Jindal Steel and Indorama
September 7, 2023
Nigeria is expecting to receive sizeable investments from Indian steelmaker Jindal Steel and Power and Singaporean textile company Indorama Corp, as per its Minister for Industry Trade and Investment Doris Uzoka-Anite. Jindal Steel seeking to invest $5bn while Indorama is planning to invest another $5-7bn in a methanol and urea project. Indorama is said to have already invested about $5bn in the nation. Besides these two companies, another Indian power company Skipper Seil is also said to be planning to invest $1.6bn in 100mw power generation plants in Nigeria. Nigeria’s dollar bonds have been under pressure alongside its currency with the government trying to cut fuel subsidies and simplify the country’s exchange rates.
Nigeria’s dollar bonds were trading steady with its 8.375% 2029s at 88.38, yielding 11.25%.
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