Eurobond: FG seeks advisers for Nigeria’s global debt market return

The Federal Government has begun preparations for its first Eurobond issuance since November 2025, inviting banks and professional advisers to express interest in supporting a potential international debt sale.

The move signals Nigeria’s return to the international capital market after its last Eurobond issuance attracted demand worth more than five times the amount offered.

According to a circular issued by the Debt Management Office (DMO), the Federal Government is seeking to appoint Transaction Advisers (TAs) through an open competitive bidding process.

What the DMO is saying

The Debt Management Office said it is seeking qualified advisers to facilitate a potential Eurobond transaction in the international capital market.

• “The Debt Management Office (DMO), on behalf of the Federal Government of Nigeria (FGN) seeks to appoint Transaction Advisers (TAs) to advise the FGN on a potential Issuance of Eurobonds in the International Capital Market (ICM) through Open Competitive Bidding,” the DMO stated.

The agency invited reputable banks and firms across various advisory categories to submit Expressions of Interest (EOI) and prequalification documents.

Banks and law firms have until July 13 to submit their proposals, according to the DMO. Bloomberg reported that the agency declined to provide additional details on the planned transaction.

The proposed Eurobond issuance would complement Nigeria’s broader external financing strategy as the government seeks to diversify funding sources and manage its debt profile.

• The planned issuance follows Nigeria’s recent $5 billion Total Return Swap (TRS) financing arrangement with First Abu Dhabi Bank PJSC.
• Nigeria has already accessed about $1.5 billion from the facility in recent weeks.
• The government has indicated that external borrowings are intended to support budget financing and refinance existing obligations.

A successful Eurobond issuance would also provide Nigeria with another source of foreign currency financing amid ongoing efforts to strengthen external reserves and support fiscal operations.

Get up to speed

Nigeria returned to the international debt market in November 2025, raising $2.35 billion through a dual-tranche Eurobond issuance.

The offering consisted of 10-year and 20-year dollar-denominated bonds.

Investor demand exceeded five times the amount offered, highlighting strong appetite for Nigerian sovereign debt despite global market uncertainties.

The planned issuance would be the country’s first Eurobond transaction since that successful sale.

What you should know

Nigeria’s improving sovereign credit profile could support investor interest in any upcoming Eurobond issuance.

• Last month, S&P Global Ratings upgraded Nigeria’s sovereign credit rating by one notch to ‘B’, marking the country’s first ratings upgrade by the agency in 14 years.
• The ratings agency cited higher oil prices, improved domestic refining capacity, and exchange-rate reforms as key drivers behind the upgrade.
• The improved credit outlook may strengthen Nigeria’s access to international capital markets and potentially lower borrowing costs for future external debt issuances.