The Federal Republic of Nigeria has successfully raised $2.35 billion from the international capital markets through a dual-tranche Eurobond issuance, marking a strong vote of confidence from global investors in the country’s economic reform agenda and fiscal direction.
According to the Debt Management Office (DMO), the Eurobond offering comprised $1.25 billion maturing in 2036 (Long 10-year) and $1.10 billion maturing in 2046 (Long 20-year), priced at 8.6308% and 9.1297% respectively.
The transaction generated overwhelming investor interest, recording a peak order book of over $13 billion, the largest ever achieved by Nigeria in the Eurobond market.
The robust participation came from a diverse pool of investors spanning the United Kingdom, North America, Europe, Asia, the Middle East, and Nigeria, reflecting broad-based confidence in the country’s macroeconomic framework.
Investor participation was spread across multiple categories, including fund managers, insurance and pension funds, hedge funds, banks, and other financial institutions.
President Bola Ahmed Tinubu, GCFR, hailed the outcome as a clear demonstration of confidence in Nigeria’s reform trajectory.
“We are delighted by the strong investor confidence demonstrated in our country and our reform agenda. This development reaffirms Nigeria’s position as a recognised and credible participant in the global capital market,” the DMO said.
Mr. Wale Edun, the minister of Finance and Coordinating Minister of the Economy, described the successful market access as “a reflection of the international community’s continued confidence in Nigeria’s commitment to sustainable and inclusive growth.”
Patience Oniha, the director-general of the DMO, noted that the issuance reinforces Nigeria’s ability to access long-term international financing needed to support the growth agenda of President Tinubu’s administration.
“This is a major achievement for Nigeria and aligns with our goal of diversifying funding sources to drive development,” she said.
The Notes will be listed on the London Stock Exchange, the FMDQ Securities Exchange Limited, and the Nigerian Exchange Limited, ensuring transparency and liquidity in secondary trading.
Proceeds from the Eurobond will be channeled toward financing the 2025 fiscal deficit and other key government financing needs.
Nigeria appointed Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank as Joint Bookrunners, while FSDH Merchant Bank Limited served as Financial Adviser to the transaction.
