Nigeria redeems $500m Eurobond


Nigeria redeems $500m Eurobond

Nigeria’s time for national renewalBy Emma Ujah, Abuja Bureau Chief

The Debt Management Office (DMO) has announced that Nigeria’s 6.75% $500M JAN 2021 Eurobond, which matured on January 28, 2021 (yesterday) will be redeemed.

For this purpose, funds have been made available by the Federal Government of Nigeria to the Fiscal Agent to repay the principal sum of $500 million and final interest payment due on the Eurobond.

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The DMO said in a statement, yesterday, “By this development, Nigeria continues to demonstrate in practical terms, its commitment towards honouring all its debt service obligations as and when due. “

The 6.75% $500M JAN 2021 Eurobond which was issued in January 2011 was Nigeria’s first foray into the International Capital Market (ICM).

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The issuance of the Eurobond enabled Nigeria to diversify its sources of funding as it successfully raised a total of $10.668 billion from the international capital market thereafter, making a total of $11.168 billion to finance the implementation of the Federal Budgets.

According to the DMO, the Eurobond has significantly contributed to Nigeria’s External Reserves, adding, “equally important, a number of private sector operators, notably Nigerian Banks, have raised US Dollar funds from the ICM following Nigeria’s debut Eurobond in January 2011.”

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