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Nigeria borrowing surge and Dangote refinery export growth

Updated 2 times since CLSTR started tracking revisions of this situation.

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2026-08-06 18:55 UTC → 2026-08-23 09:16 UTC · added removed

Nigeria borrowing surge, record bond auction surge and Dangote refinery export growth

In the first half of 2026 2026, Nigeria’s Debt Management Office accelerated domestic‑bond domestic bond issuance, selling N5.08 trn of bonds – a 78 % bonds—a 78% rise year‑on‑year – and year-on-year—and drawing N9.04 trn in subscriptions. A record N1.20 trn auction on 20 July attracted N1.74 trn in bids (bid‑to‑cover ≈1.16×) and was allocated at 18.34‑18.40 %. Treasury‑bill 18.34–18.40%. Treasury-bill yields stayed above 17 % 17% and long‑term long-term gilt yields above 18 %. 18%. Government borrowing kept climbing, continued to climb, with credit to the federal government reaching N40.38 trn in May, a 75 % year‑on‑year increase, while private‑sector credit lagged. The May. To tap retail markets, the Debt Management Office opened a July savings‑bond offering subscription on 3 August for two new FGN Savings Bonds: a two-year bond at 13.96 % (two‑year) 13.96% and 14.96 % (three‑year) and, in August, launched retail savings bonds a three-year bond at 13.96 % and 14.96 % respectively. Money‑market funds delivered yields above 15 % as short‑term Treasury bills generated positive real returns after inflation fell to 15.9 %. 14.96%. Fiscal transparency came under scrutiny. The remains a concern following the Budget Office failed Office’s failure to publish quarterly implementation reports, prompting criticism from civil‑society groups and with the IMF, which highlighted off‑budget IMF highlighting off-budget spending of roughly N8‑9 trn (about 2 % of GDP). The Federation Account Allocation Committee distributed N2.3 trn of May 2026 revenue, earmarking N500 bn for a security fund. Local governments began receiving direct statutory allocations. The N8–9 trn. In the energy sector, the Dangote Petroleum Refinery’s full‑scale operation reduced refined‑product imports by over 85 % and made Nigeria Refinery has significantly reshaped Atlantic-Basin trade flows. In June, the leading jet‑fuel exporter refinery delivered 466,000 tonnes of aviation fuel to Europe, while an SEC ban halted an alleged IPO promotion. The sovereign rating was upgraded to ‘B’, and surpassing the government hired advisers for a new Eurobond issue. The Central Bank kept United States as the policy rate at 26.5 % amid global shocks, and Treasury‑bill trading hit leading supplier. This trend continued into July, with the refinery supplying over 400,000 tonnes—roughly 20% of Europe’s total jet fuel imports. As Middle Eastern deliveries dropped to a record N5.3 trn ten-year low of 40,000 barrels per day in the week May due to 17 July. maritime uncertainties in the Strait of Hormuz, Nigeria emerged as a critical alternative supplier, helping Europe avoid major kerosene shortages during the summer flight season.

Versions

  1. 2026-08-23 09:16 UTC Nigeria borrowing surge and Dangote refinery export growth
  2. 2026-08-06 18:55 UTC Nigeria borrowing surge, record bond auction
  3. 2026-08-03 13:42 UTC Nigeria borrowing surge, record bond auction

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