Nigeria Demonstrates Commitment to Debt Service by Redeeming $500 Million Eurobond Borrowed During Goodluck Jonathan’s Presidency
In a press statement released by the Debt Management Office (DMO), the Nigerian government confirmed its dedication to meeting its debt service obligations as it successfully repaid a $500 million Eurobond that was borrowed in 2013 under the administration of former President Goodluck Jonathan.
The Eurobond, which was part of a dual-tranche USD 1 billion issuance in July 2013, had a tenor of ten years and carried a coupon rate of 6.375% per annum.
Prior to this redemption, Nigeria had already redeemed a USD 500 million Eurobond in July 2018, another USD 500 million Eurobond in January 2021, and a USD 300 million Diaspora Bond in June 2022. With the recent redemption of the USD 500 million Eurobond, the total amount of securities repaid by Nigeria in the International Capital Market (ICM) now stands at USD 1.8 billion.
This successful redemption of Eurobonds and Diaspora Bond in the international market over the past six years reflects Nigeria’s strong debt management operations and planning. It serves as a testament to the country’s ability to effectively manage its debt obligations.