A towel with a print of the Nigerian naira is displayed for sale at a street market in the central business district of Lagos, Nigeria, February 4, 2016.

Nigeria made $300 million with a bond targeted at the 15 million Nigerians living abroad

$300 million

The Nigerian government raised $300 million through a five-year bond targeted specifically at Nigeria’s diaspora population.

Published   |  Photo by Reuters/Akintunde Akinleye
A towel with a print of the Nigerian naira is displayed for sale at a street market in the central business district of Lagos, Nigeria, February 4, 2016.
$300 million

There are about 15 million Nigerians living abroad. And they send billions of dollars home every year.

A towel with a print of the Nigerian naira is displayed for sale at a street market in the central business district of Lagos, Nigeria, February 4, 2016.
$300 million

Nigeria is the sixth country in the world to receive most remittance money, and the first in Africa.

A towel with a print of the Nigerian naira is displayed for sale at a street market in the central business district of Lagos, Nigeria, February 4, 2016.
$300 million

Countries that received most remittance money in 2016

A towel with a print of the Nigerian naira is displayed for sale at a street market in the central business district of Lagos, Nigeria, February 4, 2016.
$300 million

So Nigeria decided to create the bond and channel some of that money into paying its huge public debt.

A towel with a print of the Nigerian naira is displayed for sale at a street market in the central business district of Lagos, Nigeria, February 4, 2016.
$300 million

Nigeria marketed the investment as a way to contribute to the country’s development while abroad.

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