The Debt Management Office (DMO) is listing the $1.25 Billion Eurobond, issued in March this year, on Nigerian Exchange Limited(NGX) and the FMDQ Securities Exchange Limited today.
This was disclosed via press release titled “LISTING OF USD1.25 BILLION EUROBOND ON THE NIGERIAN EXCHANGE LIMITED AND FMDQ SECURITIES EXCHANGE LIMITED”
According to the DMO, the proceeds of the Eurobond will be used to finance critical capital projects in the budget to bridge the deficit in infrastructure and strengthen Nigeria’s economic recovery, equally important, it would contribute directly and in full to the level of Nigeria’s external reserves
What the DMO is saying
“The Debt Management Office (DMO) will list the 8.375% US$1,250,000,000 NOTES
DUE MARCH 2029 FEDERAL GOVERNMENT OF NIGERIA EUROBOND on the Nigerian Exchange Limited and the FMDQ Securities Exchange Limited.”
The DMO added that “the Eurobond was issued in March 2022 based on approvals in the AppropriationAct and subsequent approvals received from the Federal Executive Council and the National Assembly.
The DMO is optimistic that the new borrowing would have a positive push to Nigeria external reverse. DMO said, “The proceeds of the Eurobond were used for financing capital projects in the Appropriation Act. In addition, the proceeds contributed to an increase in Nigeria’s External Reserves.”
DMO stated that Eurobond has been listed on the London Stock Exchange, the listing on the Nigerian Exchange Limited and the FMDQ Securities Exchange Limited represents the MO’s commitment to boosting domestic capital market activities and creating opportunities for local players.
What you should know
* Nairametrics reported earlier that Debt Management Office (DMO) has revealed that Nigeria’s total public debt has risen to N39.55 trillion as at December 2021.
* This represents a N1.55 trillion or 4.1% increase in 3 months when compared to the N38 trillion total public debt that was recorded as at September 2021.
* Nigeria reported a total Eurobond of about $14.3 billion and $300 million in diaspora bonds representing 38.2% of Nigeria’s total external debt stock. The recent $1.25 billion takes the country’s total Eurobond stock to $15.5 billion.
