• Nigeria delays $2.3B Eurobond after Trump’s militant threat
• Government awaits market stability, final Justice Ministry approval
• Moody’s upgrades rating amid reforms, debt issuance still planned
  

Nigeria has slightly delayed the launch of its $2.3 billion Eurobond issuance following comments from President Donald Trump, who threatened military action against Islamist militants in the country, sources familiar with the matter told Bloomberg.

The federal government still intends to issue the 10-year bonds, along with 15-year or 30-year tranches, once final approval is secured from the Justice Ministry, the sources said. The transaction, initially expected this week, is now likely to take place in the coming days as the government waits for markets to settle.

The postponement comes after Trump’s remarks, which accused the Nigerian government of failing to protect Christians, led to a momentary retreat in Nigerian assets. President Bola Tinubu addressed the issue on the social media platform X, stating that "Nigeria is a country with constitutional guarantees to protect citizens of all faiths."

Nigeria stands firmly as a democracy governed by constitutional guarantees of religious liberty.

Since 2023, our administration has maintained an open and active engagement with Christian and Muslim leaders alike and continues to address security challenges which affect… pic.twitter.com/mRb9IqKMFm

— Bola Ahmed Tinubu (@officialABAT) November 1, 2025

The government appointed Chapel Hill Denham, JPMorgan Chase, Standard Chartered, Citigroup, and Goldman Sachs as joint lead managers for the offering, with FSDH Merchant Bank acting as financial adviser, according to a source close to the deal.

If finalized, the operation will mark Nigeria's return to the international debt market after a $2.2 billion issue in December 2024. Parliament has already authorized the borrowing, which will be supplemented by $500 million in Islamic sukuk bonds before the end of the year.

Investors have praised the economic reforms enacted since May 2023, which include the removal of fuel subsidies, tax reform, and the easing of the naira's exchange rate. Reflecting this improvement, Moody’s recently upgraded Nigeria’s sovereign credit rating to B3 from Caa1, citing a "significant" improvement in the country's fiscal and external position.

Fiacre E. Kakpo