BY Atoyebi Nike
Nigeria has made a major return to the global capital markets, raising $2.35 billion through a Eurobond issuance that drew an unprecedented $13 billion in orders. The Debt Management Office described the deal as a landmark that reflects strong international confidence in Nigeria’s economic reforms and fiscal direction.
The issuance was split into two tranches: a $1.25 billion 10-year bond due in 2036 and a $1.10 billion 20-year bond maturing in 2046. The notes were priced at yields of 8.63 percent and 9.13 percent, respectively. According to the DMO, the orderbook reached a record peak, drawing demand from fund managers, pension funds, hedge funds, banks and financial institutions worldwide.
Investors from the UK, North America, Europe, Asia and the Middle East participated, alongside Nigerian investors. The DMO said the response signals renewed confidence in Nigeria’s macroeconomic policies and ongoing reforms. The notes will be listed on the London Stock Exchange, the FMDQ Securities Exchange and the Nigerian Exchange Limited.
Proceeds from the issuance will support the 2025 fiscal deficit and broader government financing needs. Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan and Standard Chartered acted as Joint Bookrunners, while FSDH Merchant Bank served as Financial Adviser.
President Bola Tinubu welcomed the outcome, saying it reaffirms Nigeria’s credibility in the global capital market. Finance Minister Wale Edun added that the strong demand reflects trust in the country’s reform agenda. DMO Director-General Patience Oniha described the transaction as a milestone aligned with Nigeria’s development and funding strategy.
Nigeria had earlier signalled plans to issue a $2.3 billion eurobond as part of its refinancing efforts. The successful issuance follows recent fluctuations in the prices of Nigeria’s long-term Eurobonds amid global economic uncertainty.
