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The Federal Government is preparing a new financing route aimed at bringing more foreign capital into Nigeria through the Vienna Stock Exchange.
Minister of Budget and Economic Planning Abubakar Bagudu said Nigeria and Austria were working on a bond programme that would finance investments by foreign companies in Nigeria.
He disclosed the development while addressing the GPF Global Vienna Meeting in Austria.
According to the minister, ESME Limited has been established as a special-purpose vehicle involving Nigerian and Austrian interests.
The company will issue bonds on the Vienna Stock Exchange, with the proceeds directed towards investments by Austrian and other foreign companies.
The planned investments will cover green technology, waste-to-energy, textiles, pharmaceuticals, agriculture and water.
Bagudu said the initiative could strengthen economic relations between the two countries while providing foreign businesses with another avenue for financing projects in Nigeria.
He encouraged Austrian investors to explore opportunities in Nigeria, arguing that the country’s large population and market provide significant commercial potential.
The minister also highlighted the Federal Government’s economic reforms, which he said were intended to improve the country’s investment environment.
He pointed to efforts to create greater macroeconomic predictability and remove distortions in the foreign exchange market.
According to him, the reforms have produced a more rules-based environment and helped improve investor confidence.
Bagudu also cited stronger foreign reserves and increased revenues across the three tiers of government.
He said Nigeria’s ambition of becoming a $1 trillion economy by 2030 makes attracting foreign capital increasingly important.
The proposed Vienna bond is part of the government’s strategy to expand access to international financing.
Rather than limiting foreign investment to conventional channels, the initiative would connect businesses investing in Nigeria with the European capital market.
The government has expressed confidence in the progress already made towards the proposed issuance.
If successfully completed, the programme could support investments across several sectors while giving Austrian and other international businesses greater access to opportunities in Nigeria.
It would also mark another step in the Federal Government’s efforts to strengthen Nigeria’s links with European investors and international capital markets.
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