The Federal Government of Nigeria has successfully raised $2.35 billion through Eurobonds maturing in 2036 (a $1.25 billion long 10-year tranche) and 2046 (a $1.10 billion long 20-year tranche), according to the Debt Management Office (DMO). The bonds were priced with coupons/yields of 8.63% for the 10-year and 9.13% for the 20-year notes.
This milestone attracted a peak orderbook exceeding $13 billion, the largest ever record for Nigeria, showing strong global investor confidence across jurisdictions including the UK, North America, Europe, Asia, and the Middle East, as well as Nigerian investors. Demand came from fund managers, insurance and pension funds, hedge funds, banks, and financial institutions.
President Bola Tinubu lauded this success as a testament to Nigeria’s sound macroeconomic policies and reform agenda, reaffirming the country’s credibility in the global capital markets. Finance Minister Wale Edun highlighted international confidence in Nigeria’s growth trajectory.
The proceeds will finance the 2025 fiscal deficit and other government expenditures. The Eurobonds will trade on the London Stock Exchange, FMDQ Securities Exchange, and Nigerian Exchange Limited. Joint Bookrunners include Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank, with FSDH Merchant Bank as Financial Adviser.
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