27th June 2022.

A day we have been anticipating for five years. The day history will be made when Nigeria repays the principal of its $300 million diaspora bond.

Forgive the hyperbole; Nigeria’s first diaspora bond was once considered quite a big deal. For a little while, news reports were filled with stories of Nigeria’s first-ever diaspora bond. Shortly after the launch, one of my articles on the topic was even featured on Brookings alongside Ngozi Okonjo-Iweala, Akinwumi Adesina, and President Paul Kagame.

Five years on, I may be the only one that still cares about Nigeria’s diaspora bond.


Key takeaways:

  • Nigeria’s first-ever diaspora bond will be repaid in June 2022 when the Federal government settles the $300 million debt. Even as Nigeria has binged on Eurobonds in the past few years, we have shown little interest in issuing another diaspora bond.

  • Diaspora bonds sit somewhere between charity and investment, offering issuing countries the promise of lower interest rates thanks to a patriotic discount, and giving citizens abroad the chance to co-invest in the country’s development.

  • Making diaspora bonds is hard work as it requires strengthening socio-political ties with the diaspora. This accountability mechanism dissuades countries from using them.



From pioneer to anecdote

A lot has changed in five years. Over