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.
The Debt Management Office (DMO) in a circular on Monday June 29, announced that it is seeking to appoint Transaction Advisers (TAs) to guide the planned Eurobond issuance in the international capital market through an open competitive bidding process.
According to the DMO, reputable banks and professional firms are invited to submit Expressions of Interest (EOI) and prequalification documents for the advisory roles.
“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 agency stated.
The DMO said interested banks and law firms have until July 13 to submit their proposals. It, however, did not disclose further details about the size or timing of the proposed bond issuance.
The planned Eurobond sale marks Nigeria’s return to the international debt market following its successful $2.35 billion dual-tranche Eurobond issuance in November 2025, which attracted investor demand exceeding five times the amount offered.
The new issuance forms part of the Federal Government’s broader external financing strategy aimed at diversifying funding sources, supporting budget implementation and managing the country’s debt profile.
It also follows Nigeria’s recent $5 billion Total Return Swap financing arrangement with First Abu Dhabi Bank PJSC, from which the government has already accessed about $1.5 billion.
The government has maintained that external borrowings will be used to finance the budget and refinance existing debt obligations while boosting foreign exchange inflows to strengthen external reserves and support fiscal operations.
Nigeria’s improving sovereign credit profile is also expected to enhance investor confidence ahead of the proposed Eurobond issuance.
Last month, S&P Global Ratings upgraded Nigeria’s sovereign credit rating by one notch to ‘B’, citing higher oil prices, increased domestic refining capacity and ongoing exchange rate reforms. The upgrade, the first by the agency in 14 years, is expected to improve Nigeria’s access to international capital markets and potentially reduce future borrowing costs.
