[1] The DMO was established following recommendations from the Debt Management Department (DMD) of the International Monetary Fund (IMF) after a comprehensive assessment of Nigeria's debt situation in 1999.
[2][3] The DMD suggested the establishment of a single agency responsible for all aspects of public debt management, including policy formulation, strategy development, borrowing, recording, servicing, and reporting.
[3] Initially an autonomous unit within the Presidency, the DMO was later transferred to the Ministry of Finance in 2001 and upgraded to a full parastatal in 2003.
[6] The DMO operates through six zonal offices situated in different regions to coordinate debt management at state and local government levels.
[5] The DMO achieved significant milestones by reducing Nigeria's external debt stock,[7] increasing external reserves,[8] improving credit ratings,[9] issuing internationally successful bonds (Eurobonds, Sukuk bonds, and Green Bonds),[10][11][12] and strengthening debt management strategies.