The Debt Management Office (DMO) has announced the successful raising of $2.2 billion from the international capital market through a eurobond auction. This marks Nigeria’s return to the market two years after its last issuance.
The auction, conducted on 2 December, included two bonds: a 6.5-year eurobond maturing in 2031 and a 10-year eurobond set to mature in 2034. The bonds attracted a peak orderbook of over $9 billion, reflecting strong investor confidence across diverse geographies and classes, including fund managers, insurance and pension funds, and financial institutions.
Proceeds from the eurobond will finance part of the ₦9.1 trillion deficit in Nigeria’s 2024 budget. This is in line with plans announced by Finance Minister Wale Edun to raise $1.7 billion via eurobonds and an additional $500 million through sukuk financing to bolster the country’s economy.
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 “We recall a couple of weeks ago the National Assembly did approve the issuance of up to 2.2 billion dollars in international capital markets by Nigeria. So today we’ve been in the heart of London at the offices of JP Morgan, one of our financial advisors, alongside Citibank, Goldman Sachs and Standard Chartered Bank, as well as the homegrown Nigerian Chapel Hill Denim, all financial advisors, for us to raise 2.2 billion dollars in the international capital markets. The outcome of this exercise is that we approached the market early this morning, the notices went out to all the fund managers around the world that we are looking for 2.2 billion dollars.By just after four o’clock this afternoon, the orders, the demand had come in at 9.2 billion dollars. So that is four times over subscribed and more.”
The DMO said the successful transaction highlights strong global support for Nigeria’s economic reforms and financial strategies under President Bola Tinubu’s administration.
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