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HomeBusinessNigeria repays $300 mln 5-year Diaspora Bond

Nigeria repays $300 mln 5-year Diaspora Bond

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By Samuel Bankole

Nigeria on Thursday said it has redeemed the $300 million Diaspora Bond issued five years ago and matured on June 27, 2022, according to the country’s debt office.

The 5-year Diaspora Bond was issued on June 27, 2017, in the International Capital Market and the proceeds were used to partly finance the deficit in the 2017 Appropriation Act.

A statement by the Debt Management Office (DMO) dated June 29, but sighted on Thursday by Global Financial Digest stated that Nigeria demonstrated its commitment to honouring its debt obligations with the repayment of the bond.

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“Nigeria has again demonstrated its commitment to honouring its debt obligations as at when due by the redemption of the $300 million Diaspora Bond which matured on June 27, 2022.

“The Diaspora Bond was issued on June 27, 2017, for a tenor of five (5) years in the International Capital Market and the proceeds were used to partly finance the deficit in the 2017 Appropriation Act.

“In addition to the objective of raising funds for the Government, it was an initiative to avail the Nigerian Diaspora the opportunity to invest in their home country,” the DMO stated.

It said with the redemption of the $500 million Eurobond in January 2021 and recently, the $300 million Diaspora Bond, the government has increased investors’ confidence in its commitment and ability to fulfil its debt obligations at maturity thereby reinforcing its presence in the International Capital Market.

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