The issuance confirms the renewed attractiveness of Abuja's economy to investors, despite geopolitical tensions and the naira's volatility. This market incursion provides a much-needed boost to President Tinubu's fiscal strategy, validating his risky monetary and tax reforms in the eyes of the market.

Nigeria raised $2.35 billion from the international market on Wednesday, November 5, 2025, through a Eurobond issuance that drew a record demand of $13 billion, the Debt Management Office (DMO) announced. The subscription level marks the largest ever recorded by the country.

The operation, which was oversubscribed by 477%, represents Nigeria's first large-scale Eurobond outing since December 2024, when the nation raised approximately $2.2 billion after a nearly three-year hiatus, according to the DMO. The sale proceeded despite geopolitical tensions and recent threats of U.S. military action in the region.

The issuance was split into two tranches: a 10-year bond worth $1.25 billion at a yield of 8.63%, and a 20-year bond valued at $1.10 billion at a yield of 9.13%. The securities will be listed on the London Stock Exchange, the FMDQ Securities Exchange, and the Nigerian Exchange (NGX).

The DMO specified that the funds will be used to finance the 2025 budget deficit and meet other government needs. The transaction was jointly led by Citigroup, J.P. Morgan, Goldman Sachs, Standard Chartered, and Chapel Hill Denham.

President Bola Tinubu hailed the result as a "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." Finance Minister Wale Edun added that the successful issuance "demonstrates the international community’s continued confidence in Nigeria’s reform trajectory and our commitment to sustainable, inclusive growth."

Nigeria's return to the Eurobond market is part of a strategy to diversify funding sources and support macroeconomic stability, following the depreciation of the naira and the removal of the fuel subsidy earlier this year, moves that were praised by investors.

Fiacre E. Kakpo

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