Nigeria repays last tranche of $500m Eurobond borrowed by Jonathan



Uba Group

Nigeria reaffirmed its commitment to meeting its debt service obligations after the government on Wednesday redeemed a $500 million Eurobond borrowed in 2013 under former President Goodluck Jonathan.

According to a press statement by the Debt Management Office, the Eurobond was issued in July 2013 (as part of a dual-tranche USD1 billion Eurobond) for a tenor of 10 years at a coupon of 6.375% per annum.

Nigeria had previously redeemed a USD500 million Eurobond in July 2018, another USD500 million Eurobond in January 2021, and a USD300 million Diaspora Bond in June 2022.

“These, together with the USD500 million Eurobond redeemed today, bring the total amount of securities redeemed by Nigeria in the International Capital Market (ICM) to USD1.8 billion.

“Nigeria’s successful redemption of its Eurobonds and Diaspora Bond in the international market over the past six years is a demonstration of its strong debt management operations and planning,” the DMO said.