In a significant milestone for Nigeria’s financial landscape, the nation’s first-ever domestic US dollar bond has been honored with the prestigious West Africa Deal of the Year Award at the 2025 Global Banking & Markets Africa Awards.
The bond issuance, which raised $917 million, was initially aimed at $500 million but was met with overwhelming demand of over 180% subscription.
The landmark bond, announced on August 19, 2024, by Nigeria’s Debt Management Office (DMO), has been hailed as a game-changer for the country’s financial markets. With a five-year tenor, it was listed on both the Nigerian Exchange (NGX) and the FMDQ Securities Exchange.
The bond attracted a wide array of investors, ranging from local institutions and diaspora Nigerians to international entities, signaling increasing global confidence in the country’s financial system.
Africa Finance Corporation (AFC) served as the Global Coordinator for the issuance, a role that bolstered the transaction’s credibility and outreach.
Doris Nkiruka Uzoka-Anite, Minister of state for finance, accepted the award at the Bonds, Loans & ESG Capital Markets Conference in Cape Town, South Africa.
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Upon her return to Nigeria, she presented the award to Wale Edun, minister of finance and coordinating minister of the economy, in a brief ceremony held at his office in Abuja.
In a statement, Minister Edun underscored the significance of the award, noting that it marks a key step in Nigeria’s ambition to position both the country and Lagos as leading international financial centers.
“This award reflects the growing confidence in the expertise and resilience of Nigeria’s financial system,” Edun said.
“It showcases our ability to deliver under challenging global conditions, further solidifying our commitment to developing the capital markets, improving the investment climate, and attracting foreign investment.”
He said success of this domestic dollar bond issuance is not only a testament to Nigeria’s increasing attractiveness as an investment destination but also highlights the nation’s economic potential as it strives to become a key player on the global financial stage.
“With this achievement, Nigeria continues to make strides in its broader goal of enhancing its capital markets and ensuring sustainable economic growth.”
Experts say that Nigeria’s achievement in securing the West Africa Deal of the Year award is expected to bolster investor confidence across the continent, serving as a catalyst for further financial innovation and capital market development in the region.
