The Federal Government of Nigeria raised over $900 million in its first domestic dollar-denominated bond.
This development was announced in a statement on Wednesday by the Director of Information and Public Relations of the Ministry of Finance, Mohammed Manga.
Led by the Africa Finance Corporation (AFC), the initiative garnered significant interest from both local and international investors, demonstrating confidence in President Bola Ahmed Tinubu’s economic policies and development plans.
The success of this bond sets a new precedent for other African nations, highlighting the potential of Africa’s financial markets on the global stage.
According to the statement, the Minister of Finance and Coordinating Minister of the Economy, Mr. Wale Edun praised the outcome, stating, “I am particularly pleased that as Chair of the African Caucus, we have launched an initiative that not only strengthens Nigeria’s economic resilience but also expands the horizon for capital markets of African economies.”
The statement said, the overwhelming response from investors reflects the growing interest in Nigeria’s economic opportunities and the broader investment potential of Africa. With this bond issuance, Nigeria is positioning itself as a leader in financial innovation, driving both national and regional growth through strategic economic measures.
It said, the funds raised from the bond would be directed toward critical infrastructure projects and development programmes, further strengthening key sectors of Nigeria’s economy.
“As Nigeria celebrates this groundbreaking achievement, it is clear that the country is poised for a brighter economic future especially with the successful launch of its first domestic dollar-denominated bond, the country has not only bolstered its economic resilience but also paved the way for other African nations to follow suit.
“The overwhelming response from investors is a testament to the growing confidence in President Tinubu’s economic policies and development plans.
“As the funds raised from this bond are directed towards critical infrastructure projects and development programs, Nigerians can expect tangible improvements in their standard of living and a stronger economy for generations to come.
“This milestone marks a new era of financial innovation and economic growth, solidifying Nigeria’s position as a leader in Africa’s financial markets and a beacon of hope for the continent’s economic future”, the statement noted.
