Last November 14, 2018, Nigeria raised $2.86 billion Eurobonds to fund the fiscal deficit.

The fund was raised in three tranches: a $1.18 billion operation with seven years maturity date and 7.625% interest rate. Another one of $1 billion with twelve years maturity date and 8.75% interest. The last one is $750 million with 30 years maturity and 9.25% interest rate.

A roadshow was organized in London before the issuance under the leadership of Citigroup and Standard Chartered Bank. It was also attended by Nigeria’s finance minister, Zainab Ahmed, minister of budget Udoma Udo Udoma and Godwin Emefiele governor of the country’s central bank.   

According to a statement published by the government, the orders for this dollar-denominated bond reached $9.5 billion. "Despite significant oil and wider macro market volatility, Nigeria has successfully raised its external debt requirements for the 2018 budget at a cost considerably lower than many of its peers across Sub-Saharan Africa", the federal government said in a statement.

This is the sixth Eurobond issued by Nigeria. According to the Senate, this new issuance raises the country’s foreign debt to 32% of the debt against 30% in June 2018.