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Nigeria Redeems $500m Eurobond

The Debt Management Office (DMO) says Nigeria’s 6.75% $500 million January 2021 Eurobond, which matured on January 28, 2021, will be redeemed.

In a statement on Thursday, the DMO said 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.

“By this development, Nigeria continues to demonstrate in practical terms, its commitment towards honouring all its debt service obligations as and when due,” the statement read in part.

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

The issuance of the Eurobond was said to have enabled Nigeria to diversify its sources of funding as it successfully raised a total of $10.668 billion from the international capital market.

The country thereafter made a total of $11.168 billion to finance the implementation of the Federal Budgets.

The DMO noted that the Eurobond has significantly contributed to Nigeria’s External Reserves.

The office added that, “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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