The Federal Republic of Nigeria has successfully priced a $2.35 billion Eurobond offering in the international capital markets, comprising $1.25 billion in 10-year notes maturing in 2036 and $1.10 billion in 20-year notes maturing in 2046.
The 2036 tranche was priced at a coupon and yield of 8.6308%, while the 2046 tranche carried a coupon and yield of 9.1297%.
The issuance attracted an unprecedented peak orderbook exceeding $13 billion – the largest ever recorded by Nigeria – reflecting robust global investor appetite.
Orders came from a diverse pool spanning the United Kingdom, North America, Europe, Asia, the Middle East, and included strong participation from Nigerian investors.
Demand was broad-based across investor classes, including fund managers, insurance and pension funds, hedge funds, banks, and other financial institutions.
President Bola Ahmed Tinubu hailed the outcome as validation of Nigeria’s reform agenda, 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, added:
“This successful market access demonstrates the international community’s continued confidence in Nigeria’s reform trajectory and our commitment to sustainable, inclusive growth.”
Patience Oniha, Director-General of the Debt Management Office (DMO), described the transaction as a major milestone:
“Nigeria’s ability to access the Eurobond market to raise long-term funding needed to support the growth agenda of President Bola Ahmed Tinubu is a major achievement and is consistent with the DMO’s objectives of supporting development and diversifying funding sources.”
The notes will be listed on the UK Listing Authority’s official list, the London Stock Exchange’s regulated market, FMDQ Securities Exchange Limited, and the Nigerian Exchange Limited.
Proceeds will finance the 2025 fiscal deficit and meet other government financing priorities.Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank served as Joint Bookrunners, with FSDH Merchant Bank Limited acting as Financial Adviser.
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