Nigeria Priced its US500mn Notes at Yield of 7.5 Percent,

The Federal Republic of Nigeria (the “Republic”) today announces that it has priced its offering of US$500 million aggregate principal amount of notes (the “Notes”) at a yield of 7.5% under its US$1.5 billion (increased from US$1 billion) Global Medium Term Note Programme, which will be consolidated and form a single series with the Republic’s existing US$1,000,000,000 7.875 per cent. Notes due 2032 issued on 16 February 2017 (the “Original Notes”).  The terms and conditions of the Notes will be identical to those of the Original Notes, paying a coupon of 7.875% per annum, maturing on 16 February 2032 and repayable by way of bullet repayment of the principal together with the Original Notes. As with the Original Notes, the Republic intends to use the proceeds of the Notes to fund capital expenditures in the 2016 budget.

The successful pricing, which is priced 37.5bps inside the original coupon rate, demonstrates continued strong market appetite for Nigerian securities. This, despite continued volatility in emerging and frontier markets and shows confidence by the international investment community in Nigeria’s economic reform agenda.

When issued, the Notes will be admitted alongside the Original Notes to the official list of the UK Listing Authority and to trading on the London Stock Exchange’s regulated market. The Republic may apply for the Notes to be eligible for trading or listed on the Nigerian Stock Exchange and Financial Markets Dealers Quotations Over-the-Counter Securities Exchange.

Pricing of the Notes comes shortly after Nigeria launched its National Economic Recovery and Growth Plan 2017-2020 on 7 March 2017. The plan focuses on policy objectives in five core areas; macroeconomic policy, economic diversification and growth drivers, competitiveness, social inclusion and jobs, and governance and other enablers. Key targets of the NERGP include reaching single-digit inflation, further growth in the agricultural sector, reducing unemployment, increasing operational energy capacity and domestic refining capacity, improving transportation infrastructure and stabilising the exchange rate, with an emphasis on implementation, monitoring and evaluation of these economic goals.

Commenting following the successful pricing, the Honorable Minister of Finance Mrs Kemi Adeosun said:

“The proceeds from this additional note issuance will go towards funding capital projects in the 2016 budget.

 Infrastructure spending is at the heart of our National Economic Recovery and Growth Plan, which was released earlier this month and guides how we will deliver the urgent reform our economy needs between now and 2020. Resetting the Nigerian economy is essential in order for us to deliver sustainable long term growth.”

Commenting on the Notes’ pricing, the DMO Director General, Dr Abraham Nwankwo said:

“Following the success of our US$1 billion note issuance in February, Nigeria is delighted to have increased our 2017 Eurobond programme to US$1.5 billion and to have secured the additional US$500 million. Nigeria was keen to take advantage of favorable market conditions and investor appetite for Nigerian debt to complete our foreign borrowing programme for the 2016 budget and deliver further funds for vital capital projects.”

Citi, and Standard Chartered acted as Joint Lead Managers and Stanbic IBTC, as Financial Advisers on this Issue.

The information contained in this communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the securities referred to herein in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration, exemption from registration or qualification under the securities laws of any such jurisdiction. The Republic has not registered, and does not intend to register, any portion of the securities in any of these jurisdictions.

 This communication is not an offer of securities for sale in the United States. The securities referred to herein have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”) and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act, and the rules and regulations thereunder.

The Republic does not intend to register any of the securities in the United States or to conduct a public offering of the securities in the United States or elsewhere.

This communication does not constitute an offer of the Securities to the public in the United Kingdom.  This communication is being distributed to and is directed only at (i) persons who are outside the United Kingdom or (ii) persons who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order, and (iv) any other persons to whom it may otherwise lawfully be communicated or caused to be communicated (all such persons in (i) to (iv) together being referred to as “Relevant Persons”).  Any investment activity to which this communication relates will only be available to and will only be engaged with, Relevant Persons.  Any person who is not a Relevant Person should not act or rely on this document or any of its contents.

The approval of the Nigerian Securities and Exchange Commission is not required for primary offerings of securities issued by the Republic.  Any securities referred to herein have not been registered with the Nigerian Securities and Exchange Commission. Where securities issued by the Republic are listed on any securities exchange in Nigeria, the securities shall be subject to the relevant regulatory requirements relating to secondary market transactions of securities issued by the Republic.  In such circumstances, offering participants will be required to comply with applicable rules and regulations in Nigeria in order to offer the relevant securities to the public in Nigeria.

Signed

SALISU NA’INNA DAMBATTA

Director (Information)