The Debt Management Office has said it will introduce initiatives and products to support the development of the nation’s domestic market.
The DMO said in a statement on Friday that it aimed to position the country as a veritable source of funds for the private sector, to enable the operators to contribute to Nigeria’s economic growth and development.
The Director-General, DMO, Patience Oniha, stated that it was the primary responsibility of the office to manage public debts, adding that new initiatives were introduced to execute the mandate.
The DMO said it celebrated Nigeria for winning three awards at the EMEA Finance Awards.
The awards won, according to it, are for securities issuance activities in the domestic and international capital markets.
“The awards were Best Sovereign Bond in Africa – $3bn dual-tranche Eurobonds issued in November 2017; Most Innovative Bond – $300m Diaspora Bond issued in June 2017; and Best Naira Bond – N100bn seven-year inaugural Sukuk issued in September 2017,” the statement said.
The DMO stated that the awards not only positioned Nigeria properly to attract foreign capital flows, but confirmed the robustness of the office in packaging and offering products that appealed to local and international investors.
According to the statement, Nigeria’s first Diaspora bond issued for $300m in June 2017 was selected for the award because of its uniqueness in structure.
The statement added that the bond was the first security issued by Nigeria that was registered with the United States Securities and Exchange Commission.
The DMO said the significance of the tenor lay in the fact that Nigeria could now access stable long-term funds necessary to finance infrastructure.
The statement added, “For the Debt Management Office, the use of the proceeds is the most significant aspect of the product as they have been deployed for the designated 25 road projects across Nigeria’s six geo-political zones.
