Nigeria’s First Domestic Dollar Bond Named West Africa Deal of the Year

Nigeria’s debut domestic US dollar bond has clinched the prestigious West Africa Deal of the Year award at the 2025 Global Banking and Markets Africa Awards.

The bond issuance, announced by the Debt Management Office (DMO) on August 19, 2024, raised $917 million, significantly surpassing the original target of $500 million due to an impressive 180% oversubscription.

With a five-year tenor, the bond is listed on both the Nigerian Exchange (NGX) and FMDQ Securities Exchange, and has drawn interest from a wide pool of investors including local institutions, members of the Nigerian diaspora, and global stakeholders. The Africa Finance Corporation (AFC) served as the Global Coordinator for the transaction.

Dr. Doris Nkiruka Uzoka-Anite, Minister of State for Finance, received the award at the Bonds, Loans & ESG Capital Markets Conference in Cape Town, South Africa. She later presented the award to Wale Edun, Minister of Finance and Coordinating Minister of the Economy, during a ceremony in Abuja

Reacting to the recognition, Edun described the achievement as a major milestone in Nigeria’s ambition to become an international financial hub. “This award is a testament to growing investor confidence in Nigeria’s financial system and our capacity to execute effectively, even in a challenging global environment,” he stated.

In a statement released on Thursday, the Ministry of Finance emphasized that the award reaffirms Nigeria’s dedication to strengthening its capital markets, improving the investment climate, and attracting more foreign capital.

“This also signals Nigeria’s broader goal of emerging as a key player in global finance, leveraging its vast economic potential to drive sustainable growth and development,” the ministry added.