Nigeria's Debt Management Office (DMO) is looking to appoint two international banks as joint lead managers and a local lender as a financial adviser to oversee the issuance of $1 billion in Eurobonds. This issuance represents the first tranche of a broader $4.5 billion Nigeria Global Medium-Term Notes Issuance Programme, which is set to run until 2018. The DMO made this announcement in a statement published in the U.K.'s Financial Times newspaper.
The deadline for bids to be submitted is noon on September 19 in the capital city, Abuja. The drive to raise funds aligns with Nigeria's ongoing efforts to secure financing for its budget and potentially refinance existing debt. Previously, in 2025, Nigerian President Bola Tinubu was noted for taking steps to attract investors, including eliminating costly fuel subsidies.
More recently, in December 2024, Nigeria returned to the Eurobond market with a $2.2 billion offer, and there are plans to issue $2.3 billion in Eurobonds in the fourth quarter of 2025, subject to market conditions. Finance Minister Taiwo Oyedele has also indicated intentions to refinance high-cost debt and raise funds to address a $22 billion budget deficit, leveraging favorable market conditions driven by elevated oil prices. The country has also been exploring a $500 million sukuk bond to finance infrastructural projects and repay expensive debt obligations.
