Nigeria’s latest $2.35 billion Eurobond issuance has recorded an unprecedented success, drawing more than $13 billion in subscriptions the country’s highest-ever global subscription to date.
The Federal Government launched two tranches of Eurobonds a 10-year bond maturing in 2036 and a 20-year bond maturing in 2046 valued at $1.25 billion and $1.10 billion respectively.
According to reports from the Debt Management Office (DMO), the offer attracted a peak orderbook exceeding $13 billion, surpassing the $9 billion subscriptions recorded in Nigeria’s $2.2 billion Eurobond issue of 2024. This overwhelming investor enthusiasm allowed the government to secure the bonds at competitive rates of 8.6308% for the 10-year notes and 9.1297% for the 20-year notes.
The Eurobond attracted diverse participation from global investors across the United Kingdom, North America, Europe, Asia, the Middle East, and Nigeria. Proceeds from the issue will be used to finance the 2025 fiscal deficit and other government financing requirements.
President Bola Ahmed Tinubu hailed the massive oversubscription as a “clear expression of investor confidence in Nigeria’s sound macroeconomic policies and fiscal reforms,” describing it as a validation of his administration’s ongoing economic transformation agenda.
Finance Minister and Coordinating Minister of the Economy, Mr. Wale Edun, echoed similar sentiments, noting that the record-breaking interest “demonstrates the international community’s confidence in Nigeria’s reform trajectory and commitment to sustainable, inclusive growth.”
DMO Director General, Patience Oniha, emphasized that the issuance drew investments from fund managers, insurance firms, pension funds, hedge funds, and banks — underlining broad-based support for Nigeria across investor classes and regions. She added that the bonds would be listed on the London Stock Exchange, FMDQ Securities Exchange, and the Nigerian Exchange Limited.
Financial experts and market analysts have hailed the success as a strong indicator of investor confidence in the Nigerian economy and a positive signal for the domestic capital market.
Arthur Steven Asset Management CEO, Olatunde Amolegbe, said the result reflected “a strong show of faith in Nigeria’s economic outlook,” while AIICO Capital’s Dr. Femi Ademola described the 400% oversubscription as “a vote of confidence in the government’s reform policies and naira liberalization efforts.”
GTI Capital’s Managing Director, Kehinde Hassan, noted that the outcome would send “a powerful signal to foreign investors” and boost portfolio inflows, while analysts at CardinalStone attributed the success partly to recent credit rating upgrades that improved Nigeria’s standing in the global debt market.
They projected that the development could help strengthen Nigeria’s foreign reserves to about $45 billion by the end of 2025, supporting the naira’s stability and enhancing fiscal sustainability.
The Eurobond transaction was jointly arranged by Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank, with FSDH Merchant Bank serving as Financial Adviser.
