Nigeria faces a pressing 2025 budget deficit, prompting the government to take decisive action.
Today, it launched a dual-tranche Eurobond, raising $2.25 billion to cover the shortfall and refinance existing debt, signalling a commitment to fiscal stability.
Nigeria Confronts 2025 Deficit
The issuance splits into two tranches: a 10-year note maturing in 2035 and a 20-year note stretching to 2045.
Both tranches qualify as Senior Unsecured Notes, offering coupon rates of roughly 9.125% and 9.625%.
Investors will see settlement on November 13, 2025.
Two Tranches, Clear Terms
The government will channel the proceeds to manage spending, support strategic sectors, and maintain economic momentum despite global financial pressures.
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Even as global interest rates remain high, investors—both local and international—have shown strong interest.
Investor Access And Confidence
Credit rating agencies currently assign B (Stable) from Fitch, B- (Stable) from S&P, and B3 (Stable) from Moody’s.
The notes will list on the London Stock Exchange, the Nigerian Exchange Limited, and the FMDQ Securities Exchange, clearing through DTC, Euroclear, and Clearstream.
Citi, Goldman Sachs International, J.P. Morgan, and Standard Chartered act as International Bookrunners, while Chapel Hill Denham serves as sole Nigerian Bookrunner.
This Eurobond launch demonstrates Nigeria’s proactive approach to financing growth and navigating the challenges of elevated global borrowing costs.
