It said that listing of the Eurobond on the NGX and FMDQ was an indication that DMO was committed to boosting the domestic capital market
By Eugene Onyeji
The Debt Management Office on Thursday listed 8.375 per cent $1.25bn Eurobond on the Nigerian Exchange Limited and the FMDQ Securities Exchange Limited.
It disclosed this in a statement that proceeds of the Eurobond were used to finance capital projects.
The DMO stated that the Eurobond was issued in March, based on approvals in the 2022 appropriation act and further approvals by the National Assembly and the Federal Executive Council (FEC).
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DMO said the Eurobond had earlier been listed on the London Stock Exchange. It said that listing of the Eurobond on the NGX and FMDQ was an indication that DMO was committed to boosting the domestic capital market activities and creating opportunities for local players.
The statement read, “The DMO will list the 8.375 per cent $1.25bn notes due March 2029 Federal Government of Nigeria Eurobond on the Nigerian Exchange Limited and the FMDQ Securities Exchange Limited today.
“The Eurobond was issued in March based on approvals in the 2022 appropriation Act and subsequent approvals received from the National Assembly and FEC.
“Its proceeds were used for financing capital projects in the Appropriation Act. In addition, the proceeds contributed to an increase in external reserves.
“The Eurobond has been listed on the London Stock Exchange, the listing on the Nigeria Exchange Limited and the FMDQ Exchange Limited represents the DMO’s commitment to boosting the domestic capital market activities and creating opportunities for local players.”
The DMO had earlier in March revealed that Nigeria became the first African country to raise $1.25 billion through the issuance of Eurobonds in the International Capital Market. It stated that the Eurobond raised will be used to boost Nigeria’s external reserves, finance critical capital projects in the budget.