Nigeria is looking for an international bank and a local lender to act as financial advisers for a $100 million Diaspora bond to be issued by the end of the year, the Debt Management Office, DMO, said yesterday.

It said that the advisers will coordinate investor road shows and support the bond’s registration with the United State of America and British authorities.

The DMO expects to offer a coupon of around 350 basis points above the five-year U.S. treasury bond for the issue, with a five-year tenor.

Meanwhile, according to Western Union, Nigeria received $10 billion in remittances from citizens abroad last year, out of $40 billion sent back into the continent.

Nigeria is the world’s fifth-biggest destination for international remittances after China, India, the Philippines and Mexico, with five million Nigerians living abroad sending money back to relatives, according to Western Union.

The Federal Government is also increasing the amount it borrows overseas to 40 percent of all debt over the next three to five years, from 12 percent, seeking lower funding costs.

It issued a $1 billion Eurobond last month and plans to raise an additional 80 billion naira in global depository notes this year.

Bids for the diaspora bond adviser role are due on September 26. Citibank and Deutsche Bank acted as advisers on the Eurobond, which was four times oversubscribed.