The Federal Government has announced plans to issue a bond on the Vienna Stock Exchange to raise funds for investments in critical sectors of the Nigerian economy.

The Minister of Budget and Economic Planning, Senator Abubakar Bagudu, disclosed this on Tuesday in a video address to the GPF Global Vienna Meeting in Vienna, Austria.

According to a statement by the ministry, Bagudu said the Federal Ministry of Budget and Economic Planning, the Ministry of Finance and Austrian officials, in collaboration with the Austrian Stock Exchange, had established ESME Limited as a special purpose vehicle to finance investments in Nigeria.

He said the company would issue bonds on the Vienna Stock Exchange to fund investments by Austrian and other companies in sectors including green technology, waste-to-energy, textiles, pharmaceuticals, agriculture and water.

He added that ESME Limited’s board comprises two representatives of the Ministry of Finance Incorporated and Austrian businessmen.

Bagudu said the Tinubu administration welcomed the progress made by the company towards the planned bond issuance, expressing confidence that the initiative would deepen business ties between Nigeria and Austria.

The statement read, “Bagudu argued that the successes of the economic reform were sufficient to incentivise Austrian investors, explaining that this was why his ministry, the Ministry of Finance, and Austrian officials collaborating with the Austrian Stock Exchange floated a company, ESME Limited, as a special purpose vehicle to fund investments in Nigeria.

“He stated that the company has two representatives from the Ministry of Finance Incorporated and distinguished Austrian businessmen on its board, explaining that the company would issue bonds on the Viennese Stock Market to fund investments by Austrian and other companies in green technology, waste-to-energy, textiles, pharmaceuticals, agriculture, and water in Nigeria, and to scale up.”

The minister said Nigeria’s ambition to grow into a $1tn economy by 2030 had heightened the need to attract foreign capital, with the government identifying the Austrian stock market as a potential avenue for raising funds.

Speaking on the theme, “Financing Africa’s Future: The Vienna Stock Exchange as a Gateway to European Capital Markets for African Government Projects,” Bagudu urged Austrian investors to explore the opportunities available in Nigeria.

“We are confident that Nigeria is a proven market of choice with strong absorptive capacity, with over 200 million people. So, Austrian companies and businesses well-rooted in technology can operate profitably in Nigeria,” he said.