The offering, oversubscribed with a record $13 billion in orders, underscores global confidence in Nigeria’s economic reforms and fiscal management.
By Dr. Nafisat Makinde
Nigeria has successfully raised $2.35 billion through the issuance of Eurobonds, marking a major milestone for the country in the international capital markets. The issuance was split into a $1.25 billion 10-year bond maturing in 2036 and a $1.10 billion 20-year bond maturing in 2046, with respective yields of 8.63% and 9.13%.
The Eurobond offering attracted a record-breaking $13 billion in orders, reflecting strong demand from a wide range of global investors, including participants from the UK, North America, Europe, Asia, and the Middle East, as well as Nigerian investors. Demand came from fund managers, pension and insurance funds, hedge funds, banks, and other financial institutions.
President Bola Ahmed Tinubu hailed the response, saying, “We are delighted by the strong investor confidence demonstrated in our country and our reform agenda. This development reaffirms Nigeria’s position as a credible participant in the global capital market.”
Finance Minister Wale Edun added that the successful issuance demonstrates the international community’s continued confidence in Nigeria’s reform trajectory and commitment to sustainable growth. Meanwhile, Patience Oniha, Director-General of the Debt Management Office (DMO), described the Eurobond access as a “major achievement” that will support the government’s long-term growth agenda.
The proceeds from the issuance will help finance the 2025 fiscal deficit and support other government financing needs. The bonds will be listed on the London Stock Exchange, FMDQ Securities Exchange, and Nigerian Exchange Limited, making them available to a broad range of investors.
The Eurobond issuance was managed by Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank as joint bookrunners, with FSDH Merchant Bank Limited acting as financial adviser.
