00:00We know the size of the deficits we need to finance.
00:03Our priority first is, can we get concessionary loans?
00:07If I get something at 2%, I don't have to pay anything for five years.
00:10I love that.
00:11Of course, that's not limitless.
00:14So if that doesn't happen, then you move to maybe euro bond, commercial.
00:19For us, we're trying to establish a benchmark
00:21that if we have to do any commercial financing,
00:24it shouldn't be worse than what we'll get from the euro bond market
00:27because use that down.
00:28I think as of today, we have a five to 10-year euro bond
00:33in the range of 7% to 8%, much lower than it used to be.
00:37So for us, we think that the timing is good for us
00:41to be able to maybe even refinance some of our expensive past debts,
00:45but also to raise more funding for our development at this critical time.
00:49And you said either commercial or euro bond.
00:52How do you decide what is going to be the deciding factor
00:55and what you ultimately pursue?
00:57Technically speaking, euro bond is commercial as well,
01:00but what I really mean by commercial is sometimes it's bilateral,
01:03sometimes it's syndicated.
01:06So sometimes it's about the speed to market,
01:10how much you want to raise, and market conditions.
01:15So we'll balance that by time.
01:17We have a lot of offers.
01:18There's a lot of interest in Nigeria by investors, which is good for us.
01:23Private or is it public?
01:26We have also institutional lenders.
01:30We have these various organizations from, you know, AFC to AFDB to Afresing Bank.
01:37We also have those with, you know, with other countries.
01:41So we have many options.
01:42So for us, it's to take a step back and say,
01:45what's the cost?
01:46What's the risk?
01:47How does it fit into what you want to do?
01:49Is it project finance?
01:50Or is it just budget funding?
01:54So ultimately, we want to get the best results from every dollar
01:58or every nair that we spend.
01:59Have you been able to quantify what that looks like?
02:02How much you would need?
02:04Of course, the budget deficit is about 30 trillion nair.
02:0930 trillion nair would be close to 16, 17 billion dollars.
02:15And that's just what we need for 2026 budget.
Comments