The Debt Management Office on Wednesday announced that Nigeria has redeemed a 10 years $500 million Eurobond on its due date, July 12, 2023.
This is contained in a press release titled “Nigeria reaffirms its commitment to meeting its debt service obligation as it redeems a $500 million Eurobond on its due date on July 12, 2023”.
According to the Debt Management Office (DMO), the Eurobond was issued in July 2013 (as part of a dual-tranche USD 1 billion Eurobond) for a tenor of ten (10) years at a coupon of 6.375% per annum.
Nigeria had previously redeemed a $500 million Eurobond in July 2018, another $500 million Eurobond in January 2021, and a $300 million Diaspora Bond in June 2022. These, together with the $500 million Eurobond recently redeemed, bring the total amount of securities redeemed by Nigeria in the International Capital Market to $1.8 billion.
Nigeria’s successful redemption of its Eurobonds and Diaspora Bond in the International Capital Market over the past six years is a demonstration of its strong debt management operations and planning.