Nigeria’s first foreign-currency domestic bond has attracted $900 million in subscriptions, surpassing the initial $500 million target. Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, revealed the bond’s success on Tuesday, stating that the oversubscription reflects strong investor confidence in Nigeria’s economic prospects.
The bond, which offers a 9.75% coupon with a five-year maturity, is part of a $2 billion bond program. The government has the flexibility to absorb oversubscriptions up to the full program limit, a testament to the bond’s popularity. Investors included Nigerians at home and abroad, as well as institutional players, showing broad interest in Nigeria’s economic recovery.
Edun highlighted that the bond issuance aligns with the government’s strategy to diversify funding sources and deepen economic growth. Proceeds from the bond will be allocated to critical sectors as approved by President Bola Tinubu.
Patience Oniha, Director-General of the Debt Management Office, praised the issuance as a pivotal moment for Nigeria’s financial markets, underscoring the growing maturity of the domestic fixed-income market.
News Editor