Nigeria has initiated its first international debt issuance since late 2025 by seeking advisers for a new Eurobond offering, coming up this year.
The Debt Management Office (DMO) has initiated steps toward a new sovereign Eurobond issuance in the International Capital Market, inviting reputable banks and law firms to submit Expressions of Interest (EOI) for appointment as Transaction Advisers.
In a notice published on June 29, 2026, the DMO said it was acting on behalf of the Federal Government of Nigeria and would run the procurement through Open Competitive Bidding under the Public Procurement Act, 2007.
The office said it sought Transaction Advisers in two categories: Bookrunners/Lead Managers and Legal Advisers. It said Bookrunner roles would be split between international and Nigerian banks, and legal work would be shared by international and Nigerian law firms.
The DMO said international Bookrunners would handle marketing and distribution strategies, pricing, investor meetings and preparation of offer documents, while the Nigerian Bookrunner would provide local market guidance and collaborate on all aspects of the issuance. It said legal advisers would draft and review transaction and offer documents and that the Nigerian law firm would give guidance on domestic law.
The DMO listed eligibility requirements for applicants, saying firms must provide proof of incorporation, tax clearance certificates for 2023 to 2025, audited accounts for the same period and a sworn affidavit that no director had been convicted of fraud or financial impropriety.
It said international Bookrunners must also give a firm written commitment to provide bridge financing if required, show registration with the US Securities and Exchange Commission and hold at least a BBB rating or equivalent from two of S&P Global, Moody’s or Fitch. It said Nigerian Bookrunners must hold a valid operating licence from the SEC or the Central Bank of Nigeria and a minimum Bbb- rating from an SEC-approved domestic rating agency.
The DMO said it would require top-ranked firms for legal work: international law firms must feature among the top 15 in the Cbonds Issuer and Arranger Legal Adviser League Table for 2026, while Nigerian firms must be in the top 10 of the Chambers Global 2026 Banking and Finance rankings and hold current membership of the Capital Market Solicitors’ Association of Nigeria.
The office said joint submissions were not allowed and that any expression of interest filed by two or more entities would be disqualified. It said applicants must apply for only one category and that submissions covering multiple categories would attract automatic disqualification.
The DMO said all submissions must be delivered by 12:00 noon on Monday, July 13, 2026.
The office cautioned that the Eurobond issuance was subject to receipt of all necessary approvals and said starting the procurement process did not create a binding commitment by the federal government to proceed with the transaction.
Bloomberg and other reports said the planned offering would be Nigeria’s first international debt issuance since late 2025 and follow a November 2025 sale that raised $2.35 billion and was heavily oversubscribed. The reports said the government hoped the new issue would build on investor interest from that sale and could help bridge fiscal deficits and refinance maturing obligations, though the DMO did not disclose any target size or timing for the bond.
