Nigeria’s $2.35bn Eurobond oversubscribed by 453%, says Edun
— FG to review tariffs, unlock new investment reforms
By Kunle Sanni –
The Coordinating Minister of the Economy and Minister of Finance, Wale Edun, says Nigeria’s successful return to the international capital market has attracted a record level of investor confidence, with the country’s $2.35 billion Eurobond oversubscribed by 453 percent.
Edun made the disclosure on Thursday while briefing the Federal Executive Council (FEC) at the Presidential Villa, Abuja, shortly after the swearing-in of two new ministers by President Bola Tinubu.
According to him, the issuance drew a total of $13 billion in orders from global investors, marking Nigeria’s strongest outing in the Eurobond market to date.
“The success of this Eurobond is a clear indication of renewed investor confidence in Nigeria’s reform agenda and prudent economic management,” the minister said.
He noted that the government is now preparing for the next phase of reforms aimed at improving the investment climate, stimulating productivity, and driving inclusive growth.
“We will remove barriers holding back investors and review tariffs and import restrictions to encourage industrial expansion,” he said.
Edun explained that a comprehensive review of the Federation’s and Federal Government’s balance sheets is underway to optimise asset management and strengthen fiscal sustainability.
“We are improving fiscal reporting, enhancing budget realism, and tightening expenditure frameworks to ensure that the gains of our reforms are felt by all Nigerians,” he added.
