Tuesday, August 9, 2022

Nigeria redeems $300m diaspora bond

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Ibrahim Ramalan
Ibrahim Ramalan is a graduate of Mass Communications from the Ahmadu Bello University (ABU) Zaria. With nearly a decade-long, active journalism practice, Mr Ramalan has been able to rise from a cub reporter to the exalted position of an editor; first as Arts Editor with the Blueprint Newspapers before resigning in 2019; second and presently as an Associate Editor of the Daily Nigerian online newspaper. He can be reached via [email protected], or www.facebook.com/ibrahim.ramalana, or @McRamalan on Twitter.
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As a sign of commitment to promptly honour its debts obligations always, Nigeria has redeemed its 300 million dollars diaspora bond which matured on June 27.

This is according to a statement by the Debt Management Office, DMO, on its website on Tuesday.

The DMO said that 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 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.

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“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,” it said.

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