The Minister of Finance, Wale Edun, has said that the successful raise of $2.35 billion through a Eurobond issuance signals investors’ confidence in the Nigerian economy despite current political headwinds.
Nigeria marked a major milestone in its return to the international capital markets, successfully raising $2.35 billion through a Eurobond issuance that drew an unprecedented $13 billion in investor orders, the largest orderbook in the nation’s history.
The oversubscription rate of 477% is being hailed as a resounding vote of confidence in Nigeria’s economic fundamentals and reform trajectory despite recent political challenges.
“This is a testament to continued investor confidence in our country and our reform agenda,” said Minister of Finance Wale Edun during Thursday’s Federal Executive Council meeting.
“Mr. President, the political headwinds which we are all aware of — the market shrugged off those political considerations and focused on the economic fundamentals of Nigeria,” he added.
Reform momentum under renewed hope agenda
Minister Edun credited the success to the administration’s bold economic reforms under the Renewed Hope Agenda.
“Though bold and sometimes unpopular, these reforms are rooted in a clear objective: to build a competitive economy that attracts investment, creates jobs, and lifts millions out of poverty,” he said.
Nigeria’s macroeconomic indicators reflect this progress. In Q2 2025, GDP grew by 4.23 per cent — the highest in a decade outside the COVID rebound. Thirteen sectors recorded growth above 7 per cent, up from nine in the previous quarter, with the industrial sector nearly doubling its growth from 3.72 per cent to 7.45 per cent.
Inflation eased to 18 per cent in December, foreign exchange reserves topped $43 billion, and the trade surplus reached N7.4 trillion. “These are clear examples of macroeconomic stability,” Edun noted.
He also highlighted a shift in consumer spending patterns: “Our citizens now spend maybe about half of their income on basic needs — food, shelter, and clothing — compared with almost 90 percent previously. This signals a country moving from subsistence towards productivity and indeed affluence.”
Global recognition and domestic imperatives
Edun said Nigeria’s removal from the Financial Action Task Force (FATF) grey list was another milestone, reinforcing financial integrity and global confidence, adding that at the recent World Bank–IMF annual meetings, global leaders commended Nigeria’s reform progress, revised IMF growth forecasts of nearly 4%, and improved credit ratings.
However, Edun emphasized the urgency of mobilizing domestic resources to finance infrastructure and job-rich growth. “We remain committed to your vision of a $1 trillion economy by 2030,” he told the President.
“But to achieve this, we must accelerate output to 7 per cent per annum growth by 2027 — not just as an economic target, but as a moral imperative to end poverty.”
Investment-led growth strategy
With public investment at only 5% of GDP, Edun called for a coordinated effort to develop investment-ready projects across sectors such as infrastructure, mining, education, health, agriculture, digital innovation, and the blue economy. He urged ministers and state governments to work together to package projects that meet investor expectations.
“The volume and quality of private investment mobilized will become a key metric of leadership,” he said. “Every Naira must be optimized to sustain momentum and meet global liquidity constraints, where less is coming from multilateral institutions. We have to depend on our own resources.”
Next phase of reforms
Looking ahead, Edun outlined the next phase of reforms aimed at removing barriers to investment. These include reviewing tariffs and import restrictions to stimulate productivity, optimizing federal balance sheets, and improving fiscal reporting and budget realism.
“We are tightening expenditure frameworks and ensuring reform gains are made available to all Nigerians,” he concluded.
What you should know
According to DMO, Nigeria successfully priced $2.35 billion in Eurobonds, split between two tranches: a $1.25 billion long 10-year note maturing in 2036 and a $1.10 billion long 20-year note maturing in 2046.
- According to the agency, the 10-year bond and the l20-year notes were priced at yields of 8.6308 per cent and 9.1297 percent, respectively.
- The agency said Nigeria was pleased to draw broad investor participation from various jurisdictions, including the United Kingdom, North America, Europe, Asia, and the Middle East.
