Nigeria’s $2.35bn eurobond draws record $13bn investor demand

By Kunle Sanni –

Nigeria has successfully raised $2.35 billion from international capital markets through a dual-tranche Eurobond issuance, attracting a record $13 billion in orders from global investors — the highest in the country’s history.

According to a statement issued on Tuesday by the Debt Management Office (DMO), the issuance comprises a $1.25 billion 10-year bond maturing in 2036 and a $1.10 billion 20-year bond maturing in 2046, priced at coupon rates of 8.63 percent and 9.13 percent, respectively.

The bonds drew strong participation from investors across the United Kingdom, North America, Europe, Asia, the Middle East, and Nigeria, reflecting renewed confidence in the country’s economic direction and policy reforms.

President Bola Tinubu hailed the outcome as a demonstration of growing international trust in Nigeria’s reform agenda.

“We are delighted by the strong investor confidence demonstrated in our country and our reform agenda,” he said. “This development reaffirms Nigeria’s position as a credible participant in the global capital market.”

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, described the transaction as a major endorsement of Nigeria’s economic policies.

“This successful market access demonstrates the international community’s confidence in Nigeria’s reform trajectory and our commitment to sustainable, inclusive growth,” he said.

DMO Director-General Patience Oniha noted that the issuance aligns with the government’s strategy of financing long-term development while diversifying funding sources.

“Nigeria’s ability to access the Eurobond market to raise long-term funding needed to support the growth agenda of President Tinubu is a major achievement,” Oniha stated.