Nigeria’s Finance Minister and Coordinating Minister of the Economy, Wale Edun, announced that the country’s first-ever foreign-currency domestic bond has secured $900 million in subscriptions, surpassing its initial target.
This oversubscription highlights investor confidence in Nigeria’s economic stability and growth potential.
The $500 million domestic FGN US Dollar Bond, which carries a 9.75% coupon and a five-year maturity, is part of a larger $2 billion bond program approved by President Bola Tinubu.
The structure of the bond allows for oversubscriptions, with the government able to absorb up to the program’s full $2 billion limit.
The Director-General of the Debt Management Office, Patience Oniha, praised the bond’s success, calling it a significant step in Nigeria’s economic development. The funds raised will be allocated to critical sectors to support the nation’s economic growth.
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