Nigeria’s $2.35 billion Eurobond sale on Wednesday drew over $13 billion in bids, marking the country’s most oversubscribed offer ever at 453% above demand.
The Debt Management Office (DMO) said the issuance attracted major institutional investors from Asia, Europe, the Middle East, North America, and Nigeria, reflecting renewed global confidence in the nation’s economy after years of turbulence.
The Eurobond was issued in two tranches — a 10-year $1.25 billion bond maturing in 2036 at 8.63% and a 20-year $1.1 billion bond maturing in 2046 at 9.13%.
President Bola Tinubu hailed the response as proof of faith in Nigeria’s reforms, while Finance Minister Wale Edun said it showed “continued confidence in Nigeria’s reform trajectory and commitment to sustainable growth.”
Proceeds from the sale will help fund the 2025 budget and other financial needs. The bonds will be listed on the London Stock Exchange and the Nigerian Exchange.
Joint bookrunners for the deal included Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered.
Analysts say recent fiscal reforms — including subsidy removal, tax and monetary adjustments, and improved credit ratings — have strengthened Nigeria’s standing in global capital markets.
