Nigeria on Thursday, March 17, 2022, returned to the international capital market where it issued seven-year Eurobonds of $1.25 billion.

 

This makes the country the first African country to approach the international capital market in the year 2022, the Debt Management Office said in a statement issued late Thursday.

 

“Nigeria’s ability to access the ICM at this time is a confirmation of her established presence in the ICM and engagement with investors on a continuous basis,” DMO said in the statement.

 

Rates offered on the bond ranged from 8.75% to 8.5%, and 8.375%, where the price tightened, according to the statement.

 

It said 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 recovery, Office said.

 

The proceeds will also contribute, directly and in full to the level of Nigeria’s external reserves, it added.

 

Nigeria was in the international capital market in September 2021, where the country raised $4b in three tranches.