Africa

Nigeria to sell $1 billion in Eurobonds as recession bites

  • In this photo taken on Monday, June 20, 2016, a trader counts US Dollars inside a shop in Lagos, Nigeria. Nigeria soon will sell $1 billion in Eurobonds to finance a budget deficit as a recession grips the major African oil producer amid foreign currency shortages and double-digit inflation, officials said Friday, Sept. 16, 2016. (AP Photo/Sunday Alamba)

    In this photo taken on Monday, June 20, 2016, a trader counts US Dollars inside a shop in Lagos, Nigeria. Nigeria soon will sell $1 billion in Eurobonds to finance a budget deficit as a recession grips the major African oil producer amid foreign currency shortages and double-digit inflation, officials said Friday, Sept. 16, 2016. (AP Photo/Sunday Alamba)  (The Associated Press)

  • In this photo taken on Monday, June. 20, 2016, a trader counts US Dollars inside a shop in Lagos, Nigeria. Nigeria soon will sell $1 billion in Eurobonds to finance a budget deficit as a recession grips the major African oil producer amid foreign currency shortages and double-digit inflation, officials said Friday. Sept.16, 2016. (AP Photo/Sunday Alamba)

    In this photo taken on Monday, June. 20, 2016, a trader counts US Dollars inside a shop in Lagos, Nigeria. Nigeria soon will sell $1 billion in Eurobonds to finance a budget deficit as a recession grips the major African oil producer amid foreign currency shortages and double-digit inflation, officials said Friday. Sept.16, 2016. (AP Photo/Sunday Alamba)  (The Associated Press)

Nigerian officials say the major African oil producer soon will sell $1 billion in Eurobonds to finance a budget deficit as a recession takes hold amid foreign currency shortages and double-digit inflation.

The government plans to borrow $5 billion from abroad for capital infrastructure projects to boost Africa's largest economy and create jobs.

The government announced this week that already some $3 billion has been secured in low-cost, long-term loans from the World Bank and the African Development Bank, with the rest expected in bilateral loans from China and Japan.

Nigeria suffers from low prices of oil that provides 70 percent of government revenue.

President Muhammadu Buhari has said he will seek emergency economic powers to address the crisis as some Nigerians resort to eating wild leaves and lizards.