Nigeria has begun preparations for a new Eurobond sale as the Federal Government looks to raise money from international investors. The move marks the country’s first attempt to issue an international bond since late 2025 and is expected to support government finances and strengthen investor confidence.
The Debt Management Office (DMO), acting on behalf of the Federal Government, has invited qualified financial institutions and law firms to apply for roles in the planned Eurobond transaction. Interested firms are required to submit Expressions of Interest (EOI) as part of a competitive bidding process in line with the Public Procurement Act of 2007.
According to a public notice released on June 29, 2026, the DMO is looking to appoint Transaction Advisers in two major categories. These include Bookrunners or Lead Managers, who will oversee the sale of the bonds, and Legal Advisers, who will handle the legal documentation for the transaction.
The Bookrunner positions will be divided between international investment banks and Nigerian financial institutions. International banks will be responsible for attracting investors, determining the bond price, organising investor meetings, and preparing the official offering documents. Nigerian banks will provide local market knowledge and work alongside the international advisers throughout the process.
The legal advisory roles will also be shared between international and Nigerian law firms. International firms will prepare and review legal documents for the bond sale, while Nigerian firms will ensure that all aspects of the transaction comply with Nigerian laws and regulations.
To qualify for the advisory roles, applicants must meet several conditions. These include presenting proof of company registration, tax clearance certificates covering the years 2023 to 2025, audited financial statements for the same period, and a sworn declaration confirming that none of the company’s directors has been convicted of fraud or financial misconduct.
International investment banks must also show that they are registered with the U.S. Securities and Exchange Commission (SEC), hold at least a BBB credit rating from recognised international rating agencies, and be willing to provide temporary financing if required before the bond is issued.
Meanwhile, Nigerian banks must possess valid licences issued by the Securities and Exchange Commission or the Central Bank of Nigeria. They must also have a minimum domestic investment-grade credit rating from an approved Nigerian rating agency.
The DMO has also set strict requirements for legal advisers. International law firms must rank among the world’s top legal advisers in bond transactions, while Nigerian law firms must be recognised among the country’s leading banking and finance practices and belong to the Capital Market Solicitors’ Association of Nigeria.
The office stressed that firms cannot submit joint applications or apply for more than one advisory category. Any application that violates these rules will be automatically disqualified.
Interested firms have until 12 noon on Monday, July 13, 2026, to submit their applications.
The DMO also explained that starting the adviser selection process does not guarantee that the Eurobond will be issued. The bond sale will only proceed after the Federal Government receives all necessary approvals.
If completed, the Eurobond will be Nigeria’s first international debt sale since November 2025, when the country successfully raised about $2.35 billion through a bond offering that attracted strong demand from global investors. Analysts believe another successful issuance could help the government finance budget deficits, refinance existing debts, and maintain access to international capital markets, although the government has not yet announced the amount it plans to raise or the expected date of the bond sale.
