Nigeria’s maiden foreign-currency domestic bond recorded a subscription of $900 million, overshooting the initial offer size of $500 million.
The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, spoke yesterday about the landmark sovereign bond results. He said the $500 million oversubscription further highlighted continuing investor confidence in Nigeria’s economic stability and growth.
According to him, the massive success of the first-ever domestic dollar bond has strengthened the government’s efforts at deepening economic growth and advancing financial inclusion.
He noted that the successful issuance underscored the government’s commitment to diversifying its sources of funding and bolstering economic growth despite current economic challenges.
Edun said: “The issuance of this inaugural domestic FGN US Dollar Bond demonstrates that investors, as well as Nigerians, continue to have faith in the country’s economy.” He explained that the landmark bond issuance attracted a diverse range of investors, including Nigerians and non-Nigerians residing in the country, Nigerians in the diaspora, and qualified institutional investors.
He reiterated that the net proceeds from the bond would be directed towards critical sectors of the economy, as President Bola Ahmed Tinubu had approved.
