Nigeria will avoid issuing Eurobonds due to its expense and consider alternative ways to raise funds to support the economy. Thie announcement was recently made by Yemi Osinbajo, the country’s Vice President.

“We are not likely going to explore again the Eurobond market because we are trying to avoid commercial borrowing,” reads a statement by Osinbajo.

The Vice President further mentioned that Nigeria is looking at World Bank loans rather than Eurobonds. The international lender, in August, delayed a $1.5 billion facility over concerns that Nigeria had not adopted a unified, flexible exchange rate to close the gap between official and black-market naira rates.

The economy is likely to experience a recession by the 3rd quarter. The government also projects an 8.9 percent economic shrink the year-end 2020.

Read more at Reuters