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

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.

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

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 (6) years is a demonstration of its strong debt
management operations and planning.