Nigeria’s diaspora population sent home $21 billion in remittances in 2015 and the government wants in on some of that cash.
Through its first ever diaspora bond, the Nigerian government is looking to get its citizens living abroad to put some money towards funding part of its $23 billion record deficit budget. Issued last week at 5.625%, the five-year bond raised $300 million.
The bond was pitched to Nigerians living abroad as a chance to contribute to Nigeria’s development as the country looks to fund significant capital projects. It wasn’t initially clear how many Nigerians actually invested in the bond.