Nigeria hires advisers for new Eurobond as sovereign rating upgraded

Nigeria’s Debt Management Office has launched an open competitive bidding process for transaction advisers, banks and law firms to support a potential Eurobond issuance. The Federal Government set a July 13 deadline for expressions of interest, marking the first sovereign Eurobond planned since the oversubscribed November 2025 sale that raised $2.35 billion.

The initiative follows S&P Global Ratings’ upgrade of Nigeria’s sovereign credit rating to ‘B’, the first uplift in 14 years, citing higher regional oil prices, expanded refining capacity at the Dangote Refinery and recent foreign‑exchange market reforms. Concurrently, Nigeria has a $5 billion total‑return swap facility with First Abu Dhabi Bank, from which it has drawn about $1.5 billion, aimed at providing liquidity and lowering borrowing costs.

The planned Eurobond is intended to diversify external financing, fund the 2026 budget deficit and refinance short‑term domestic debt, reinforcing Nigeria’s broader strategy to strengthen reserves and fiscal operations.