Nigeria has taken the first formal step toward returning to the international debt market by inviting financial institutions and law firms to serve as transaction advisers for a planned Eurobond issuance. If completed, the sale would be the country’s first sovereign Eurobond offering since its successful bond issue in November 2025.
The invitation was issued by the Debt Management Office (DMO) on behalf of the Federal Government under the Public Procurement Act. Rather than announcing the bond itself, the government is first selecting experienced advisers who will help structure, market, and execute the transaction in global capital markets.
The DMO is seeking advisers in two major categories. The first includes Bookrunners or Lead Managers, made up of both international and Nigerian investment banks, who will be responsible for marketing the bonds to global investors, determining pricing, organizing investor meetings, and coordinating the issuance process. The second category consists of international and Nigerian legal advisers, who will prepare and review all legal documentation required for the transaction while ensuring compliance with both Nigerian and international financial regulations.
To qualify, interested firms must demonstrate strong financial and professional credentials. International banks must be registered with the U.S. Securities and Exchange Commission, maintain investment-grade credit ratings, and be capable of providing bridge financing if required. Nigerian banks must hold valid operating licences from the relevant regulators and possess satisfactory domestic credit ratings. Similarly, law firms must rank among the leading firms in international or Nigerian capital market advisory services.
The DMO has fixed July 13, 2026, as the deadline for submitting Expressions of Interest. However, it emphasized that appointing advisers does not automatically mean the Eurobond will be issued. The government stated that the transaction will proceed only after rfeceiving all necessary approvals and if market conditions remain favourable.
Nigeria’s previous Eurobond sale in November 2025 raised approximately $2.35 billion and attracted strong investor demand, with subscriptions exceeding the amount offered. The proceeds were used to finance the federal budget deficit and meet other government funding needs. The planned return to the market suggests the government intends to continue using international borrowing as one of its financing options while seeking to maintain investor confidence built during the previous issuance.
Read more news on The Project Herald: https://www.theprojectherald.com/inside-julius-berger-new-strategy-beyond-government-contracts/
