Nwankwo who stated this during a chat with journalists in Abuja revealed that the companies took advantage of the success recorded in the issuance of Nigerian Sovereign Eurobonds to raise the fund.
The DG said for the first time in the nation’s history, the private sector has been able to access long-term funds from both the domestic and international capital markets.
The corporate bonds were issued at a coupon rate of between 1.5 per cent and 17.25 per cent with a maturity period ranging between three to eight years.
Nwankwo stated that the domestic bond market has been meticulously developed with appropriate products and institutional frameworks to that long-term debt capital with tenor of up to 20 years can now be easily sourced in Nigeria.
A breakdown of the N225.38bn bond issued by the companies revealed that United Bank for Africa Plc issued the highest amount of corporate bonds with N55bn.
Flour Mills of Nigeria Plc followed with N37.5bn.The company’s bond issued in 2010 at an interest rate of 12 per cent has a repayment period of five years.
Others are Federal Mortgage Bank of Nigeria which issued N30.56bn; Access Bank Plc with N1.9bn; Crusader Nigeria Plc, N4bn; Custodian and Allied Insurance Plc N1.17bn Guaranty Trust Bank N13.17bn.
Similarly, C&I Leasing issued N4.5bn; NGC Sterile N2bn; UACN Property Development Company Plc N15bn; Chellarams Plc N2.04bn and Dana Group N8.01bn.
The rest are Sterling Bank Plc N7.5bn;Lafarge WAPCO Nigeria Plc N11.88bn; Nigerian Aviation Handling Company Plc N17.05bn; Tower Funding N4.63bn; Crusader Insurance N2.26bn; First Security Discount House N5.53bn and La Casera N3bn.
Nwankwo said the bonds were used to fund long-term real sector projects in key sectors of the economy such as agriculture, manufacturing, housing, mineral exploration and processing, infrastructure.
He added that this would help to diversify the economy thus leading to sustainable economic growth, employment generation and poverty reduction.
He said, “For the first time in Nigeria’s economic history, the private sector have been enabled to access long-term funds from both the domestic and international capital markets
“The successful issuances of three Nigerian Sovereign Eurobonds in the International Capital Market -one in 2011 and two in 2013 – have opened the window for Nigeria’s private sector to raise required foreign currency funds.
“They are now able to fund long-term real sector projects (agriculture, manufacturing, housing, mineral exploration and processing, infrastructure), for diversified and sustainable economic growth, towards employment generation and poverty reduction.”
Nwankwo said the agency was focused on ensuring that the private sector now takes the lead in raising funds for development both locally and internationally to finance most of the projects.