Nigeria Repays $500 Million of Matured Eurobonds, Plus Interest

By Bashir Olanrewaju

Nigeria paid back 500 million dollars as well as interest to holders of its 6.75 percent Eurobonds that matured on January 28.

“By this development, Nigeria continues to demonstrate in practical terms, its commitment towards honouring all its debt service obligations as and when due,” the Debt Management Office said in a statement on its website.

The 10-year bond issued in 2011 was Nigeria’s first fund raising from the international capital market, as the oil-dependent nation sought alternative sources of funding.

Nigeria has since  raised as much as 10.6 billion dollars in Eurobonds, according to the debt office, with President Muhammadu Buhari  who came to power in 2015 selling more debt in the face of dwindling revenue from oil.

Several private sector companies, including banks, followed the government to the international capital market, where they raised funds for business expansion.