Key Takeaways
- Nigeria is seeking banks and law firms to manage a new Eurobond offering
- Submissions close July 13, with both international and Nigerian firms eligible
- The move follows a November 2025 offering that was oversubscribed five times over
Nigeria is moving to raise fresh funds from international debt markets, with the government opening a competitive search for banks and advisers to manage a new Eurobond.
The Debt Management Office (DMO), in a statement published Monday in Abuja, invited expressions of interest from reputable banks and law firms to serve as transaction advisers for a potential Eurobond issuance in the international capital market.
The DMO said the appointment would be done through open competitive bidding, in line with the Public Procurement Act of 2007.
A Eurobond is a debt instrument issued in a foreign currency and sold to investors outside Nigeria, typically used to raise hard currency to fund government spending. Banks and law firms have until July 13 to submit their proposals.
The DMO said the selected advisers would work together across their respective categories to prepare offer documents, advise on pricing, and support investor engagement.
What the DMO is looking for
The DMO has structured the advisory roles into two broad categories: bookrunners and legal advisers.
For bookrunners, the office is seeking both international banks and a Nigerian bookrunner, who would work alongside the international institutions and provide guidance on marketing to local investors.
On the legal side, the DMO wants both an international law firm and a Nigerian law firm, with the local firm expected to offer specific guidance on Nigerian laws throughout the transaction.
The DMO said it would evaluate submissions based on proven expertise in each specific category.
The requirement for a Nigerian bookrunner and a Nigerian law firm continues a pattern the office established in recent years to ensure domestic institutions have a role in sovereign capital market transactions.
A market Nigeria has returned to confidently
Nigeria’s November 2025 Eurobond attracted a peak orderbook of more than $13 billion — the largest ever recorded by the country. Demand came from fund managers, insurance and pension funds, hedge funds, banks, and other financial institutions across the United Kingdom, North America, Europe, Asia, and the Middle East. That transaction raised $2.35 billion across a long 10-year and a long 20-year tranche.
The EOI stage is the first of at least two steps before any issuance can take place. The appointment of transaction advisers by the DMO is subject to approval by the Federal Executive Council, and the Eurobond issuance itself also requires a resolution from the National Assembly, as prescribed by the Fiscal Responsibility Act and the DMO Establishment Act.
This means the July 13 deadline marks the start of a process, not an issuance date. Once advisers are shortlisted and a Request for Proposal is issued, formal approvals must follow before the government can go to market.
DMO Director-General Patience Oniha has previously described Nigeria’s access to the Eurobond market as “a major achievement”.
