The Federal Republic of Nigeria has successfully raised $2.35 billion through a dual-tranche Eurobond issuance, attracting a record $13 billion orderbook from global investors — the largest in the country’s history.
In a statement issued on Wednesday, the Debt Management Office (DMO) announced that the Eurobonds comprise a $1.25 billion Long 10-year note maturing in 2036 and a $1.10 billion Long 20-year note maturing in 2046, priced at coupon rates of 8.63% and 9.13%, respectively.
According to the DMO, the bonds drew robust interest from investors across the United Kingdom, North America, Europe, Asia, the Middle East, and Nigeria, reflecting strong confidence in the nation’s macroeconomic policies and fiscal reforms. The investor base included fund managers, insurance and pension funds, hedge funds, banks, and other financial institutions.
President Bola Ahmed Tinubu hailed the development as a vote of confidence in Nigeria’s ongoing economic reforms, stating: “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.”
Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the successful issuance as a testament to international confidence in Nigeria’s reform trajectory and commitment to sustainable and inclusive growth.
DMO Director-General, Patience Oniha, said the transaction marks a major achievement for Nigeria, enabling access to long-term financing to support President Tinubu’s growth agenda while diversifying funding sources.
The Eurobond will be listed on the London Stock Exchange, FMDQ Securities Exchange Limited, and the Nigerian Exchange Limited. Proceeds from the issuance will be used to finance the 2025 fiscal deficit and other government funding needs.
The transaction was jointly arranged by Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank, with FSDH Merchant Bank Limited serving as financial adviser.
