Nigeria: bonds

Nigeria has the second largest economy in sub-Saharan Africa. Overall, despite the negative effects of the global financial crisis in recent periods, Nigeria’s economy has continued to experience significant GDP growth.
Real GDP grew 7.53 per cent. in the first half of 2010, 6.96 per cent. in 2009, 5.98 per cent. in 2008 and 6.45 per cent. in 2007. This growth was largely attributable to the continued growth in non-oil GDP, which grew 8.32 per cent. in 2009, 8.95 per cent. in 2008 and 9.52 per cent. in 2007. Overall GDP growth for 2010 is estimated at 7.85 per cent. The Government plans to reinforce economic growth in future periods by encouraging non-oil private sector growth, which it plans to facilitate through the implementation of its Vision 20:2020 plan.
Public debt management is considered to be strategic in Nigeria, and became widely accepted as such when Nigeria’s debt became unsustainable and a constraint on economic growth in the 1990s and early 2000s. In recognition of this, the Government established the DMO to serve as a central body for managing public debt. According to the DMO, as at 31 December 2010, Nigeria’s external debt was US$4.8 billion (provisional), of which US$2.8 billon (provisional) was owed by the Federal Government and US$1.9 billion (provisional) was owed by State Governments and guaranteed by the Federal Government. Further, the Government had N4.5 trillion (provisional), approximately US$29.8 billion, in domestic debt outstanding as at 31 December 2010. Additionally, in December 2010, the Federal Government entered into a US$899.5 million credit facility agreement with the Export-Import Bank of China to fund certain infrastructure projects. Drawdowns under the facility are tied to project completion milestones and as at 31 December 2010 no amounts had been drawn.

Outstanding bond issues

Сurrency Outstanding bond issues Cumulative volume
sovereign
NGN 26 5 933 098 165 000
USD 5 3 300 000 000
municipal
NGN 24 559 850 000 000
corporate
NGN 31 408 807 441 700
USD 22 8 430 000 000
CHF 1 100 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Credit *** International scale rating (foreign curr.) ***
Dagong Credit *** International scale rating (local curr.) ***
Organisation for Economic Co-operation and Development (OECD) *** Country Risk Classifications ***
Moody's Investors Service *** LT- foreign currency ***
Moody's Investors Service *** LT- local currency ***
S&P Global Ratings *** Foreign Currency LT ***
S&P Global Ratings *** Local Currency LT ***
Fitch Ratings *** LT Int. Scale (foreign curr.) ***
Fitch Ratings *** LT Int. Scale (local curr.) ***
National Rating Agency *** Global scale ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Nigeria, 5.625% 27jun2022, USD - International bonds US65412AEK43 5.625% 300 000 000  USD 06/19/2017 06/27/2022
Nigeria, FGN 13.189 14jun2019 - Domestic bonds NGFGS2019S68 13.189% 271 560 000  NGN 06/09/2017 06/14/2019
Nigeria, FGN 14.189 14jun2020 - Domestic bonds NGFGS2020S73 14.189% 335 700 000  NGN 06/09/2017 06/14/2020
United Bank for Africa (UBA), 7.75% 8jun2022, USD - International bonds XS1623828966 7.75% 500 000 000  USD 06/01/2017 06/08/2022
Zenith Bank, 7.375% 30may2022, USD - International bonds XS1619839779 7.375% 500 000 000  USD 05/22/2017 05/30/2022
Nigeria, FGN 13.189 17may2019 - Domestic bonds NGFGS2019S43 13.189% 307 650 000  NGN 05/12/2017 05/17/2019
Nigeria, FGN 14.189 17may2020 - Domestic bonds NGFGS2020S57 14.189% 483 200 000  NGN 05/12/2017 05/17/2020
Nigeria, FGN 16.2499 18apr2037 - Domestic bonds NGFG142037S4 16.2499% 186 040 000 000  NGN 04/12/2017 04/18/2037
Nigeria, FGN 12.794 12apr2019 - Domestic bonds NGFGS2019S27 12.794% 419 330 000  NGN 04/07/2017 04/12/2019
Nigeria, FGN 13.794 12apr2020 - Domestic bonds NGFGS2020S32 13.794% 868 690 000  NGN 04/07/2017 04/12/2020

World Bond market statistics

Quarterly indices

Type I 2017 IV 2016 III 2016 II 2016 I 2016 IV 2015 III 2015
BIS volume of international-bond market of emerging countries
Nigerian international bonds, USD bln 9.000 8.100 7.600 7.500 7.600 7.600 7.600
BIS net issues of international-bond market of emerging countries
International-bond net issue of Nigeria, USD bln 1.000 0.600 0.100   0.000 0.000 0.000

Currencies

Daily indices

Type: 06/26/2017 06/23/2017 06/22/2017 06/21/2017 06/20/2017 06/19/2017 06/16/2017
Exchange Rates (Emerging Markets)
USD/NGN 315.9400 315.9890 316.3070 315.4810 320.6810 316.9290 318.2120
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Macroeconomic Indicators (World economy)

Monthly indices

Type May 2017 Apr 2017 Mar 2017 Feb 2017 Jan 2017
Inflation Rate (World), % to the same period of the previous year
Inflation Rate (Nigeria) 16.25 17.24 17.26 17.78 18.72
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Yearly indices

Type 2016 2015 2014
Government Debt to GDP (World), %
Government Debt to GDP(Nigeria) 18.60 11.50 10.60

JP Morgan

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
EMBI Global (publication was suspended since 30.10.2013) 
EMBI Global Nigeria * * * * * * *
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Bonds prices

issue volume maturity date bid prices ask prices
date bid price yield date ask price yield
Nigeria, 5.125% 12jul2018, USD   USD 07/12/2018 05/18/2016 **.* *.** 05/18/2016 *** *.**
Nigeria, 6.375% 12jul2023, USD   USD 07/12/2023 05/18/2016 **.** *.** 05/18/2016 **.** *.**
Nigeria, 6.750% 28jan2021, USD   USD 01/28/2021 05/18/2016 ** *.** 05/18/2016 **.** *
Access Bank Plc, 7.25% 25jul2017, USD   USD 07/25/2017 05/18/2016 **.** *.** 05/18/2016 **.** *.*
Access Bank Plc, 9.25% 24jun2021, USD   USD 06/24/2021 05/18/2016 **.** * 05/18/2016 ** *
Afren, 10.250% 8apr2019, USD   USD 04/08/2019 05/18/2016 *.** ***.** 05/18/2016 *.** ***.**
Afren, 6.625% 9dec2020, USD   USD 12/09/2020 05/18/2016 *.** ***.** 05/18/2016 *.** ***.**
Africa Finance Corporation, 4.375% 29apr2020, USD   USD 04/29/2020 05/18/2016 ***.* * 05/18/2016 *** *.**
Diamond Bank, 8.75% 21may2019, USD   USD 05/21/2019 05/18/2016 ** **.** 05/18/2016 **.* **.**
Ecobank (Nigeria), 8.75% 14aug2021, USD   USD 08/14/2021 05/18/2016 **.** **.** 05/18/2016 **.** **.**
Fidelity Bank, 6.875% 9may2018, USD   USD 05/09/2018 05/18/2016 **.*** **.* 05/18/2016 **.* **.**
First Bank of Nigeria, 8% 23jul2021, USD   USD 07/23/2021 05/18/2016 **.** **.** 05/18/2016 **.** **.**
First Bank of Nigeria, 8.25% 7aug2020, USD   USD 08/07/2020 05/18/2016 **.* **.** 05/18/2016 **.* **.**
Guaranty Trust Bank, 6% 8nov2018, USD   USD 11/08/2018 05/18/2016 **.* *.** 05/18/2016 **.* *.**
Guaranty Trust Bank, 7.50% 19may2016, USD   USD 05/19/2016 05/18/2016 **.** ****.** 05/18/2016 ***.** *
IHS Towers NG (Hellios Tower), 8.375% 15jul2019, USD   USD 07/15/2019 05/18/2016 **.** **.** 05/18/2016 **.** **.**
Sea Trucks Group, 9% 26mar2018, USD   USD 03/26/2018 05/18/2016 ** ***.** 05/18/2016 ** ***.**
Seven Energy, 10.25% 11oct2021, USD   USD 10/11/2021 05/18/2016 **.*** **.** 05/18/2016 **.** **.**
Zenith Bank, 6.25% 22apr2019, USD   USD 04/22/2019 05/18/2016 **.* *.** 05/18/2016 **.* *.**
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