LAGOS—Some foreign investors and analysts are beginning to raise concerns about the cost of Nigeria’s debt and how the proceeds of bond sales are utilised.
Financial Times reports that some investors are still willing to invest in Nigeria because of the high returns.
Andrew Roche, Managing Director of Finexem, a Paris-based financial consulting firm, told Financial Times that the government has been using borrowed funds to patch up holes in the budget rather than investing in infrastructure.
“They have borrowed quite a bit, but where is the money being spent?” he said.
Speaking to investors at the spring meetings of…
