By Jemimah Wellington, JKNewsMedia Correspondent
THE SUM of US$2.35 billion has been successfully raised by Nigeria through dual-tranche Eurobonds maturing in 2036 and 2046 in the international capital markets.
The issuance comprises US$1.25 billion for the 2036 (Long 10-year) Notes and US$1.10 billion for the 2046 (Long 20-year) Notes, priced at coupons and yields of 8.6308 per cent and 9.1297 per cent respectively.
The Federal Republic of Nigeria described the issuance as a strategic success that reinforces investor confidence in its macroeconomic framework, fiscal responsibility, and ongoing reforms aimed at stabilising the economy and attracting foreign investment.
According to the Debt Management Office (DMO), the Eurobond attracted a record-breaking peak order book of over US$13 billion, the largest ever achieved by the Republic.
The offering drew participation from investors across multiple jurisdictions, including the United Kingdom, North America, Europe, Asia, the Middle East, and Nigeria.
Investor interest also came from a broad mix of institutional participants, including fund managers, pension and insurance funds, hedge funds, banks, and other financial institutions.
The DMO stated that this wide participation reflected the international community’s confidence in Nigeria’s fiscal trajectory and monetary reforms.
President Bola Tinubu has commended the outcome, noting that the successful Eurobond pricing was a reflection of renewed global trust in Nigeria’s economic direction.
“We are delighted by the strong investor confidence demonstrated in our country and our reform agenda,” President Tinubu stated.
“This development reaffirms Nigeria’s position as a recognised and credible participant in the global capital market.”
The Minister of Finance and Coordinating Minister of the Economy, Mr Wale Edun said the achievement stresses the government’s credibility in global financial circles and the positive response to its ongoing structural reforms.
“This successful market access demonstrates the international community’s continued confidence in Nigeria’s reform trajectory and our commitment to sustainable, inclusive growth,” Edun stated.
According to Director-General of the Debt Management Office, Patience Oniha, the success of the issuance demonstrates the effectiveness of Nigeria’s debt management strategy and aligns with the government’s development objectives.
“Nigeria’s ability to access the Eurobond Market to raise long-term funding needed to support the growth agenda of President Bola Tinubu is a major achievement for Nigeria and is consistent with the DMO’s objectives of supporting development and diversifying funding sources,” Oniha said.
The Notes will be listed on the official list of the UK Listing Authority and admitted to trading on the London Stock Exchange’s regulated market, the FMDQ Securities Exchange Limited, and the Nigerian Exchange Limited.
The DMO also confirmed that proceeds from the Eurobond issuance will be directed towards financing the 2025 fiscal deficit and meeting other approved government financing needs.
The issuance marks Nigeria’s re-entry into the international debt market with a strong performance, following a period of fiscal consolidation and macroeconomic adjustments aimed at restoring investor confidence.
The country’s return to the Eurobond market has been closely watched by investors and analysts, given its strategic importance in funding development initiatives and managing external reserves.
The DMO highlighted that the successful outcome was the result of coordinated efforts between the government and its financial advisers, ensuring transparency, efficiency, and market confidence throughout the process.
Nigeria mandated Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank as Joint Bookrunners for the transaction. FSDH Merchant Bank Limited served as Financial Adviser.
The Eurobond issuance is part of Nigeria’s broader fiscal strategy to balance public financing through both domestic and external sources, while maintaining debt sustainability within the thresholds set by the DMO.
According to government officials, the move aligns with ongoing reforms aimed at improving revenue generation, curbing inflation, strengthening foreign exchange stability, and promoting inclusive growth across key sectors.
With this transaction, Nigeria consolidates its position as a reliable issuer in the global debt market, leveraging its strong credit reputation and reform-driven fiscal management to attract long-term investors.
The record level of investor participation reflects confidence in the nation’s macroeconomic outlook and its reform commitments under the administration of President Tinubu.
The DMO reiterated that it remains committed to implementing Nigeria’s debt management strategy effectively, balancing the need for development financing with prudent borrowing and efficient debt servicing.
According to the Office, the issuance outcome also underscores the strategic importance of maintaining credibility with global investors through consistent policy actions, transparency in debt operations, and adherence to international best practices.
By achieving the largest orderbook in its Eurobond history, Nigeria has demonstrated a renewed capacity to attract capital at competitive rates despite global economic headwinds.
The government views this as a key milestone in its pursuit of economic stability, diversification, and sustainable growth.
The proceeds, once deployed, are expected to complement domestic revenue mobilisation efforts and support priority projects outlined in the 2025 federal budget, focusing on infrastructure development, social investment, and fiscal balance.
The Presidency reaffirmed that the issuance aligns with Nigeria’s medium-term debt strategy and the broader objective of mobilising long-term capital to fund national development priorities, while ensuring that debt remains within sustainable limits.
