The Federal Government of Nigeria has successfully raised over $900 million through its inaugural Domestic Federal Government of Nigeria (FGN) US Dollar Bond issuance.

The Debt Management Office (DMO) hailed this achievement as a significant milestone in Nigeria’s economic development.

The Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun, announced that the bond issuance received an extraordinary 180% oversubscription, reflecting strong investor confidence in Nigeria’s economic stability and growth prospects.

The bond, priced at par and featuring a 9.75% coupon rate over five years, is the first under the Domestic FGN US Dollar Bond Programme established by Presidential Executive Order No. 16 of 2023.

The landmark issuance attracted a broad spectrum of investors, including Nigerians and non-Nigerians residing in the country, Nigerians in the diaspora, and qualified institutional investors.

The bond will be listed on the Nigerian Exchange Limited and FMDQ Securities Exchange Limited, marking Nigeria’s entry into a more sophisticated capital market and fostering financial inclusion.

According to Edun, the proceeds from the bond will be allocated to key economic sectors as approved by President Bola Ahmed Tinubu.

He emphasised that the success of the issuance demonstrates the government’s dedication to diversifying its funding sources and supporting economic growth despite ongoing challenges.

“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,” Edun stated.

Director General of the DMO, Ms. Patience Oniha, expressed appreciation for the contributions of all parties involved in the bond issuance.

She commended Africa Finance Corporation as the Global Coordinator, United Capital Plc as the Lead Issuing House/Coordinator, and Meristem Capital Limited, Stanbic IBTC Capital Limited, and Vetiva Advisory Services Limited as Issuing Houses.

Oniha also acknowledged the roles of legal partners Olaniwun Ajayi LP and G. Elias, as well as financial advisers Constant Capital Markets and Securities Limited and Iron Global Markets Limited.

“This transaction was made possible through the expertise and guidance of our advisers,” Oniha said.

“We also appreciate the continued support of the Nigerian public and our institutional partners who contributed to the successful completion of this historic issuance.”

She added that the impressive outcome, with over $900 million raised—representing a 180% subscription over the $500 million offered—and the diverse range of investors, underscores the growing sophistication of Nigeria’s domestic fixed-income market.

The DMO reaffirmed the Federal Government’s commitment to collaborating with investors and stakeholders to drive sustained economic growth and development in Nigeria.

The Bank of Industry, BOI, has successfully raised €1.425 billion from the senior phase of its global loan syndication to boost financing for Nigeria’s businesses.

The deal, which received a 42.5 percent oversubscription from international financial markets, cements its position as a key player in financing Nigeria’s industrial and private sectors.

Data showed that the largest loan syndications the bank ever did were €1bn in 2020 and 2022 respectively, and successfully repaid in July 2024.

Olasupo Olusi, the managing director and chief executive officer of BOI in a statement said that the latest loan syndication shows a significant vote of confidence from foreign investors in both the BoI and Nigeria’s economic prospects.

According to DAILY POST the lenders include the Global Co-ordinations – Africa Finance Corporation and Standard Chartered Bank; The Facility Agent – Africa Export-Import Bank, other Initial Mandated Lead Arrangers and Bookrunners, as well as several other financial institutions spread across Africa, Europe and the Middle East.

Olusi explained that the syndicated loan will be instrumental in meeting the growing demand for low-interest, long-term financing for Nigeria’s private sector.

“This is a significant milestone in the bank’s history and its drive to keep achieving its mandate to drive sustainable industrialization in Nigeria.

“This transaction was launched at €1bn with an accordion of up to €1bn. The result being discussed today is the outcome of the senior phase, which was over-subscribed by 42.5 percent. The general phase is ongoing as we speak and we are optimistic of a very favorable outcome upon its close”, he said.

The Securities and Exchange Commission (SEC) on Wednesday, explained that it granted approval-in-principle to two crypto exchanges recently to give Nigerian youths the opportunity for capital market participation.

The News Agency of Nigeria (NAN) reports that SEC, on Thursday, granted Busha Digital Ltd., and Quidax Technologies Ltd., “approval-in-principle” to commence operation under the Accelerated Regulatory Incubation Program (ARIP).

The Director General of SEC, Dr Emomotimi Agama gave the clarification in a statement made available in Lagos.

Agama said that in line with the desire of President Bola Tinubu to engage with the youths, it became important to create a structure that will enhance their participation, as well as other Nigerians in the market.

“It is important that we act accordingly. We cannot be left out of the global phenomenon that is beginning to take shape.

“SEC, as a future looking institution, is poised to making sure that we are in the league of countries that do what is needed.

“As much as possible, we are building talents to be able to deal with the challenges that these asset classes could bring to our shores.

“A lot of young Nigerians are fully involved in cryptocurrencies, and we cannot shut the door against them; rather, the intention of the president is to have them included in the capital market.

“That is why SEC is ensuring that there is regulation and no one is hurt at the end of the day, which is part of our responsibility to protect investors and develop the market”, he said.

According to Agama, the commission is doing all of these cautiously to ensure that these institutions do not pose risks to the national economy and to citizens who invested in them.