By Modupe Gbadeyanka The search for local and foreign companies that will serve as transaction parties for the proposed $3.30 billion Eurobond by Nigeria this year has begun. The Debt Management Office (DMO), which is expected to issue the debt instrument on behalf of the Federal Government of Nigeria (FGN), said interested organisations should submit their bids. The debt office wants firms that would serve \u201cas bookrunners and financial advisers, and international and local law firms that will serve as legal advisers for the Eurobond issuance.\u201d According to a statement from the DMO, \u201cThe parties will be appointed on the basis of open competitive bid.\u201d The debt office stated that the raising of the capital and the appointment of transaction parties is subject to the receipt of all necessary approvals. Nigeria, which is Africa\u2019s largest economy, plans to raise external capital of up to $3.30 billion in the year 2020. The $3.30 billion is made up of $2.80 billion (equivalent of N850 billion at the budget exchange rate of N305\/$1) to part-finance the deficit in the 2020 Appropriation Act, and $500 million for the refinancing of Nigeria\u2019s debut Eurobond of $500 million (6.75 percent $500 million JAN 2021), which will mature on January 28, 2021. The DMO noted that whilst the process of appointing transaction parties has begun, the plan remains to access external capital from concessional and semi-concessional sources and raise the balance from the international capital market. \u201cThe decision to commence the process of appointing transaction parties at this time for a possible issuance of Eurobond, is to ensure that in the event that Nigeria needs to access the capital market, the capital raising will be done in a timely manner. \u201cThis in turn will make the funds available to the government for the implementation of the capital projects in the 2020 budget, thereby leading to job creation and economic growth, amongst other benefits,\u201d the statement explained.