The Federal Government of Nigeria has a $3.3 billion external borrowing programme budgeted for 2026 — spanning Eurobonds, multilateral loans (World Bank, AfDB, Islamic Development Bank) and bilateral sources. The programme forms part of Nigeria’s financing of its ~NGN 28 trillion 2026 budget deficit alongside domestic borrowing. The planned Q4 2026 Eurobond ($2.5-4bn) is the flagship component.
Capital Details
Market Significance
Nigeria's total external borrowing in 2026 is among the largest in its history. The planned Eurobond ($2.5-4bn, Q4 2026) would be the largest single external debt issuance since the November 2025 $2.35bn dual-tranche (oversubscribed 450%).
Risk / Considerations
Nigeria's Eurobond debt already ~$18.5bn — the largest component of $51.9bn total external debt (March 2026). Continued expansion increases debt service burden.
What Happens Next
Q4 2026 Eurobond launch ($2.5-4bn) — adviser bids closed July 2026.