590 The markets in Nigeria and Kenya are creating the building blocks for future growth, especially after a difficult few months in 2015, according to Standard Bank. An increase in capital requirements for the public sector and the need for more sophisticated products by financial institutions have been major drivers of debt capital markets across key regions in Africa. The total size of bonds outstanding in Nigeria, excluding federal government issuance and Eurobonds, stands at approximately $24bn, (N4.8trn), with financial institutions as the main issuers of bonds among the country’s corporate institutions.