Debt Management Office Nigeria First Quarter 2018 Update

The Debt Management Office in Nigeria provided an update on its activities in the first quarter of 2018, including FGN bond issuances, Eurobond issuances, and primary market domestic bond issuance. Nigeria accessed the international capital market, issuing dual-tranche USD bonds listed on the London Stock Exchange. Detailed issuance statistics and auction results are included in the update.

• Debt Management
• Nigeria
• Bond Issuances
• First Quarter 2018
• Financial Markets

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1. Nigeria_coa Nigeria_coa DEBT MANAGEMENT OFFICE NIGERIA UPDATE ON THE DEBT MANAGEMENT OFFICE s UPDATE ON THE DEBT MANAGEMENT OFFICE s ACTIVITIES FOR THE FIRST QUARTER OF 2018 ACTIVITIES FOR THE FIRST QUARTER OF 2018 BY BY THE D THE DEBT EBT M MANAGEMENT ANAGEMENT O OFFICE FFICE A AT T T THE HE FIRST M FIRST MEETING EETINGOF OFTHE THE C CAPITAL APITAL M MARKET ARKET C COMMITTEE OMMITTEE, L , LAGOS AGOS APRIL 2018 APRIL 2018

2. Nigeria_coa Nigeria_coa DEBT MANAGEMENT OFFICE NIGERIA TABLE OF CONTENTS TABLE OF CONTENTS FGN BOND ISSUANCES. FGN BOND ISSUANCES. EUROBOND ISSUANCES.

3. Nigeria_coa Nigeria_coa DEBT MANAGEMENT OFFICE NIGERIA FGN DOMESTIC BOND ISSUANCE: PRIMARY MARKET Table 1: Issuance of FGN Securities for Q1, 2018 (N Billion) Period Types of Bond Total Issuance FGN Bond 253.68 Q1 Savings Bond 0.583 Total 254.263 Source: The DMO Table2: Auction Results for FGN Bonds Q1, 2018 Period Description 14.50% FGN JUL 13.98% FGN FEB 2028 16.2884% FGN MAR 13.53% FGN MAR 2025 Total Subscription Rate 2021 (New) 2027 (New) (%) (Re-opening) (Re-opening) Amount Offered Q1 110.00 80.00 60.00 30.00 280.00 146.57 Subscription 113.49 177.44 94.26 25.21 410.40 Allotments 82.35 97.54 64.88 8.91 253.68 Average Marginal Rates 13.4933 13.79 13.4910 13.5300 - Source: The DMO .

4. Nigeria_coa Nigeria_coa EUROBOND ISSUANCES DEBT MANAGEMENT OFFICE NIGERIA Nigeria Accessed the International Capital Market (ICM) in Q1, 2018. The Federal Republic of Nigeria issued a Dual Tranche USD2.5 billion (7.143% US$1.25 BN FEB 2030 and 7.696% US$1.25BN FEB 2038) on February 23, 2018. The Bonds have been listed on the London Stock Exchange and will also be listed on the Nigerian Stock Exchange and FMDQ OTC Securities Exchange. Issuance Statistics Issue Amount: Tenor: Coupon/Yield: Issue Date: Maturity Date: Coupon Payments: Format: Rating: Order Book at Lunch: USD1.25 billion 12 years 7.143% p.a. February 23, 2018 February 23, 2030 February & August Rule 144/RegS B stable (S&P), B+ Neg (Fitch), B2 stable (Moody s) USD5.4 billion or 432% Subscription USD5.9 billion or 472% subscription B stable (S&P), B+ Neg (Fitch), B2 stable (Moody s) USD1.25 billion 20 years 7.696% p.a. February 23, 2018 February 27, 2038 February & August Rule 144/RegS 4

5. Nigeria_coa Nigeria_coa DEBT MANAGEMENT OFFICE NIGERIA Thank you 5