The Nigerian government is gearing up for a domestic U.S. dollar bond hybrid roadshow in Lagos as part of its strategy to raise funds through the issuance of its Series I Domestic USD Bonds. These bonds, issued by the Debt Management Office (DMO) on behalf of the Federal Government of Nigeria (FGN), are long-term investments with maturities ranging from 3 to 50 years. Investors in these bonds earn interest semi-annually or quarterly.
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The government’s initial goal is to raise at least $500 million from both local and international investors, with the possibility of increasing this amount to $1 billion
, as indicated in a recent auction circular. This bond issuance comes at a time when Nigeria is facing challenges in the international debt market, with several of its Eurobonds performing poorly in a Bloomberg index that tracks emerging and frontier market sovereign debt.
Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, has confirmed the plans to issue these bonds, signaling the government’s efforts to attract foreign currency investments and manage its debt portfolio.
