Federal Government has commenced preparations for its first Eurobond issuance since November 2025, inviting banks and professional advisers to participate in a competitive process to support a potential international debt sale.
In a circular released on Monday, June 29, the Debt Management Office (DMO) stated that it is looking to select Transaction Advisers (TAs) to oversee the upcoming Eurobond issuance in the global capital market via an open, competitive bidding process.
Reputable banks and professional firms are invited to submit prequalification documents and Expressions of Interest (EOI) for the advisory positions, according to the DMO.
“On behalf of the Federal Government of Nigeria (FGN), the Debt Management Office (DMO) 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 organisation said.
Interested banks and law firms have until July 13 to submit their proposals, according to the DMO. However, it did not provide any additional information regarding the proposed bond’s size or timing.
Following its successful $2.35 billion dual-tranche Eurobond issuance in November 2025, which drew investor demand more than five times the amount offered, Nigeria is making a comeback to the global debt market with the planned Eurobond sale.
The new issuance is a component of the federal government’s larger external financing strategy, which aims to manage the nation’s debt profile, support budget implementation, and diversify funding sources.
Additionally, it comes after Nigeria and First Abu Dhabi Bank PJSC recently reached a $5 billion total return swap financing agreement, from which the government has already obtained roughly $1.5 billion.
The government has insisted that while increasing foreign exchange inflows to bolster external reserves and support fiscal operations, external borrowings will be utilised to finance the budget and refinance current debt obligations.
Before the planned Eurobond issuance, investor confidence is anticipated to rise due to Nigeria’s improving sovereign credit profile.
Due to rising oil prices, expanded domestic refining capacity, and ongoing exchange rate reforms, S&P Global Ratings raised Nigeria’s sovereign credit rating by one notch to “B” last month. It is anticipated that the upgrade—the agency’s first in 14 years—will enhance Nigeria’s access to global capital markets and possibly lower future borrowing costs.
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