Nigeria's $2.35bn Eurobonds Massively Oversubscribed By Over $10.65bn

6 November 2025
Vanguard (Lagos)
By Emma Ujah

...Investors from UK, North America, Europe, Asia, Middle East, and Nigeria participate

Abuja -- Nigeria's latest $2.35 billion Eurobond issuance recorded massive investor interest, with subscription levels exceeding $13 billion, more than five times the amount on offer.

Investors participated from across the globe, including the United Kingdom, North America, Europe, Asia, the Middle East, as well as Nigeria.

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In the international capital market, the Federal Republic of Nigeria successfully priced US$2.35 billion in Eurobonds maturing in 2036 (Long 10-year) and 2046 (Long 20-year). A total of US$1.25 billion was allotted to the 2036 maturity, while US$1.10 billion was placed in the 2046 tranche.

The Notes were priced at coupon/yield rates of 8.6308% and 9.1297%, respectively.

The government described the broad participation as a strong vote of confidence in Nigeria's macroeconomic reforms and prudent fiscal and monetary management.

The transaction generated a peak orderbook of over US$13 billion, the largest ever recorded by the country. Demand came from fund managers, insurance and pension funds, hedge funds, banks, and other financial institutions across multiple regions.

President Bola Ahmed Tinubu, GCFR, welcomed the outcome, saying: "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."

Also speaking, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, OFR, noted:

"This successful market access demonstrates the international community's continued confidence in Nigeria's reform trajectory and our commitment to sustainable, inclusive growth."

The Director-General of the Debt Management Office (DMO), Patience Oniha, described the issuance as an important 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 aligns 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, and traded on the London Stock Exchange's regulated market, the FMDQ Securities Exchange Limited, and the Nigerian Exchange Limited.

Proceeds from the Eurobond issuance will be used to finance the 2025 fiscal deficit and meet other government financing needs.

Nigeria appointed Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan, and Standard Chartered Bank as Joint Bookrunners, while FSDH Merchant Bank Limited served as Financial Adviser.

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