Nigeria Redeems $300m Diaspora Bond
Patience Oniha, DMO Chief

Nigeria Redeems $300m Diaspora Bond

Nigeria has redeemed its 300 million dollar diaspora bond which matured on June 27, 2022, Debt Management Office (DMO) said in a statement posted on its website.

The sum is a paltry part of the humongous total public borrowing by the Nigerian government, printed at more than N40 trillion as of the first quarter of 2022. READ: UBA Raised $300m Eurobond at 6.750% to Offset Debt

According to DMO, the diaspora bond was issued on June 27, 2017, for a tenor of five years in the International Capital Market. It added that the country had earlier redeemed a 500 million dollars Eurobond bond in 2021.

It said that proceeds of the diaspora bond were used, partly, to finance the deficit in the 2017 budget. The DMO said that the diaspora bond also created an opportunity for Nigerians in the diaspora to invest in their home country.

DMO said with the redemption of 500 million dollars Eurobond in January 2021, and recently the 300 million dollars diaspora bond, the government has increased investors’ confidence.

“It shows the country’s commitment and ability to fulfil its debt obligations at maturity, thereby reinforcing its presence in the International Capital Market,” the Nigerian debt office added. Nigeria Redeems $300m Diaspora Bond