Nigeria has raised more than $4.5 billion from international investors in the last two years, attracting record demand despite concerns over debt levels, foreign exchange volatility, and sweeping economic reforms.
In December 2024, the country returned to the Eurobond market for the first time since 2022, raising $2.2 billion from investors whose orders exceeded $9 billion. Less than a year later, Nigeria returned, securing another $2.35 billion after attracting more than $13 billion in subscriptions, the largest order book in the country’s Eurobond history.
The strong investor appetite suggests that international markets remain open to Africa’s largest economy.
Yet rather than returning immediately to the Eurobond market for fresh financing, the federal government is pursuing a proposed $5 billion financing arrangement with First Abu Dhabi Bank, highlighting a broader shift in how the country is thinking about external borrowing.
Read also: IMF warns Nigeria against plans to borrow $5bn from Abu
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