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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 152 22 908 534 448 000
USD 12 11 170 280 200
municipal
NGN 19 451 990 000 000
corporate
NGN 32 401 105 214 000
USD 18 6 955 000 000
CHF 1 100 000 000

Sovereign rating

Rating AgencyRatingRating scaleDate
Dagong Global *** International scale rating (foreign curr.) ***
Dagong Global *** 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.) ***
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Latest bond issues

issue ISIN coupon volume end of placement maturity date
Nigeria, NTB 19dec2019 6m - Domestic bonds 0% 4 000 000 000  NGN 06/19/2019 12/19/2019
Nigeria, NTB 18jun2020 12m - Domestic bonds 0% 10 614 105 000  NGN 06/19/2019 06/18/2020
Nigeria, FGNSB 11.418 19jun2021 - Domestic bonds 11.418% 108 806 000 000  NGN 06/14/2019 06/19/2021
Nigeria, FGNSB 12.418 19jun2022 - Domestic bonds 12.418% 329 275 000 000  NGN 06/14/2019 06/19/2022
Nigeria, NTB 12dec2019 6m - Domestic bonds 0% 30 000 000 000  NGN 06/13/2019 12/12/2019
Nigeria, NTB 11jun2020 12m - Domestic bonds 0% 84 640 724 000  NGN 06/13/2019 06/11/2020
Nigeria, TB 4jun2020 12m - Domestic bonds 0% 155 780 000 000  NGN 06/06/2019 06/04/2020
Nigeria, TB 28may2020 12m - Domestic bonds 0% 305 710 000 000  NGN 06/03/2019 05/28/2020
Nigeria, NTB 28may2020 12m - Domestic bonds 0% 19 842 352 000  NGN 05/30/2019 05/28/2020
Nigeria, TB 14may2020 358d - Domestic bonds 0% 296 950 000 000  NGN 05/23/2019 05/14/2020

Forex

Daily indices

Type: 06/26/2019 06/25/2019 06/24/2019 06/21/2019 06/20/2019 06/19/2019 06/18/2019
FOREX rates
[12615] USD/NGN 360.5124 360.4807 360.4812 360.4911 360.4051 360.1961 360.4081
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BIS

Quarterly indices

Type: I 2019 III 2018 II 2018 I 2018 IV 2017 III 2017 II 2017
BIS international bonds outstanding volume
[10301] Nigerian international bonds, USD bln 20.600 16.000 16.700 15.800 13.900 9.900 10.100
BIS new international bonds volume
[10535] International-bond net issue of Nigeria, USD bln 0.200 -0.700 0.900 1.900 4.100 -0.300 2.800

GDP

Yearly indices

Type: 2017 2016 2015 2014
Government debt-to-GDP (Africa)
[15327] Government Debt to GDP(Nigeria) 21.30 18.60 11.50 10.60

International bonds outstanding volume

Monthly indices

Type: May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018 Nov 2018
Africa international bonds outstanding volume
[21795] Nigeria international bonds, USD bln 17.651 17.849 18.001 18.001 18.002 18.002 18.001
[21841] Nigeria corporate international bonds, USD bln 6.481 6.679 6.831 6.831 6.831 6.832 6.831
[21887] Nigeria sovereign international bonds, USD bln 11.170 11.170 11.170 11.170 11.170 11.170 11.170
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Stock exchanges and market participants indices (archive)

Daily indices

Type: 10/30/2013 10/29/2013 10/28/2013 10/25/2013 10/24/2013 10/23/2013 10/22/2013
JP Morgan
[3099] EMBI Global Nigeria 307 310 305 306 305 305 310
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Inflation

Monthly indices

Type: May 2019 May 2019 Apr 2019 Mar 2019 Feb 2019 Jan 2019 Dec 2018
Inflation (Africa)
[15685] Inflation Rate (Nigeria) 11.40 11.40 11.37 11.25 11.31 11.37 11.44
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New international bonds volume

Yearly indices

Type: 2018 2017 2016 2015 2014
Africa new international bonds volume
[19829] Annual new issues of Nigeria sovereign international bonds, USD bln 5.368 4.800 0.000 0.000 0.000
[19875] Annual new issues of Nigeria corporate international bonds, USD bln 0.350 2.095 1.202 0.750 2.300
[19921] Annual new issues of Nigeria corporate international bonds, (financial sector) USD bln 0.000 2.095 0.402 0.750 1.750
[19967] Annual new issues of Nigeria corporate international bonds, (non-financial sector) USD bln 0.350 0.000 0.800 0.000 0.550

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, 6.75% 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, 10.25% 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 **.** **.**
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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