Nigeria’s first-ever foreign-currency domestic bond has successfully attracted $900 million in subscriptions, surpassing expectations.
The Minister of Finance, Wale Edun, announced the news on Tuesday, highlighting that the oversubscription reflects strong investor confidence in the country’s economic stability and growth prospects.
The bond, a $500 million domestic FGN US Dollar Bond with a 9.75% coupon over five years, is part of a $2 billion bond program.
The government is using this as an opportunity to diversify funding sources and deepen economic growth. Investors from Nigeria and abroad, including institutional players, showed significant interest, allowing the bond to raise $900 million.
Patience Oniha, Director-General of the Debt Management Office, hailed the bond issuance as a landmark achievement in Nigeria’s economic development.
She emphasized that the strong investor response signals the increasing sophistication of Nigeria’s fixed-income market, and the funds will be used to boost key economic sectors approved by President Bola Ahmed Tinubu.