UPDATE 1-Nigeria to launch Eurobond on Oct. 11, with Lagos, NY roadshows

(Adds GDP target, background)

ABUJA, Aug 30 (Reuters) – Nigeria will launch its planned Eurobond issue on Oct. 11, its finance minister said on Monday.

Zainab Ahmed also said the country would hold roadshows for the dollar-denominated issuance in Lagos and New York.

The Debt Management Office (DMO) has previously said the Eurobonds are aimed at raising funds for external borrowing of 2.343 trillion naira ($5.7 billion) earmarked in the 2021 spending plan to partly finance the government’s deficit.

Nigeria, Africa’s largest economy, is struggling to boost growth after exiting its second recession since 2016 in the fourth quarter of last year. Its incoming statistician-general has said the nation is targeting gross domestic product growth above 5% for 2021.

Its economy grew 5.01% in the second quarter, according to statistics released last week, as an easing of COVID-19 lockdown measures and an increase in vaccinations boosted commercial activities. However, persistently high inflation has dogged the nation.

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