Nigeria successfully issued its first domestic dollar bond issue, which was 180% oversubscribed.

The deal is expected to raise $500 million. In the end, it finally collected $900 million in commitments. For Nigeria, this domestic transaction may well be a sign of hope in a difficult period. This performance may seem surprising, as the country's economic situation remains fragile, between galloping inflation and the persistent devaluation of the national currency, the naira. According to Wale Edun, Minister of Economy and Finance, this transaction marks a first in the history of the Nigerian domestic bond market. For the latter, “this success is a reflection of the confidence of investors in our ability to relaunch the economy.”

Nigeria opted for a domestic bond in dollars rather than naira, a decision symptomatic of the difficulties its economy is experiencing. According to the federal government, this first bond, with a coupon of 9.75% repayable semi-annually over five years, i.e. an effective rate of 9.99%, aims to finance strategic projects in essential sectors such as energy and infrastructure. It is part of a larger $2 billion program registered with the Nigerian Securities Commission