Nigeria is pleased to have attracted a wide range of investors from multiple jurisdictions including the United Kingdom, North America, Europe, Asia, Middle East and participation from Nigerian investors, which it views as an expression of continued investor confidence in the country's sound macro-economic policy framework and prudent fiscal and monetary management.

The transaction attracted a peak orderbook of more than US$9.0 billion. This underscores the strong support for the transaction across geography and investor class. With respect to investor class, demand came from a combination of Fund Managers, Insurance and Pension Funds, Hedge Funds, Banks and other Financial Institutions.

Commenting, following the successful pricing, the Honourable Minister of Finance and Coordinating Minister of the Economy, Mr. Olawale Edun, said:

 “Today’s successful issuance signposts increasing confidence in ongoing efforts of the President Bola Ahmed Tinubu, GCFR, administration to stabilize the Nigerian economy and position it on the path of sustainable and inclusive growth for the benefit of all Nigerians. The broad range of investor appetite to invest in our Eurobonds is encouraging as we continue to diversify our funding sources and deepen our engagement with the international capital markets.”

According to the Governor of the Central Bank of Nigeria, Olayemi Cardoso, “This outcome underscores the growing confidence of investors and the resilience of the Nigeria credit, and evidence of our improved liquidity position and continued access to international markets to support the financing needs of the government”.

Commenting on the Notes’ pricing, the Director-General of the Debt Management Office (DMO), Patience Oniha said:

"With the successful pricing of the Notes on intra-day basis, Nigeria has registered a landmark achievement in the international capital market. The size of the Orderbook at approximately 4.18x of the offer amount, and the strong and diverse investor base helped to price the new 6.5-yr at 9.625%, while new 10-year Notes was priced at 10.375%. The DMO remains committed to maintaining transparency and open communication with investors and stakeholders and appreciates the continued confidence and support of the international and Nigerian investors who participated in the pricing.”

The Notes will be admitted to the official list of the UK Listing Authority and available to trade on the London Stock Exchange’s regulated market, the FMDQ Securities Exchange Limited and the Nigerian Exchange Limited.

The proceeds from this Eurobond issuance will be used to finance the 2024 fiscal deficit and support the government's budgetary needs.

Nigeria mandated Chapel Hill Denham, Citigroup, Goldman Sachs, J.P. Morgan and Standard Chartered Bank as Joint Bookrunners. FSDH Merchant Bank Limited acted as Financial Adviser on the issuance.

DEBT MANAGEMENT OFFICE

The Presidency

NDIC Building (First Floor),

Plot 447/448 Constitution Avenue,

Central Business District,

P.M.B. 532, Garki, Abuja

Tel: +234-8110000881-3

Website: http://www.dmo.gov.ng

Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

December 2, 2024

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FCA/ICMA Stabilisation

UK MiFIR and MiFiD II professionals/ECPs-only – Manufacturer target market (MIFID II / UK MiFIR product governance) is eligible counterparties and professional clients only (all distribution channels).

The Offering Circular is available at http://www.rns-pdf.londonstockexchange.com/rns/3987O_1-2024-12-2.pdf

This communication is for informational purposes only and is not an offer of securities or investments for sale nor a solicitation of an offer to buy securities or investments in any jurisdiction where such offer or solicitation would be unlawful. No action has been taken that would permit an offering of securities or possession or distribution of this announcement in any jurisdiction where action for that purpose is required. Persons into whose possession this announcement comes are required to inform themselves about and to observe any such restrictions.

This communication does not constitute an offer to sell or a solicitation of an offer to buy securities in the United States. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933 (the “Securities Act”) and may not be offered or sold in the United States except pursuant to an exemption from, or transaction not subject to, the registration requirements of the Securities Act. No public offer of, or registration of any part of, the securities described herein is being made in the United States. The securities will only be offered for sale outside the United States in reliance on Regulation S and within the United States to “qualified institutional buyers” in reliance on Rule 144A under the Securities Act.

This communication is being distributed to and is directed only at persons in the United Kingdom having professional experience in matters relating to investments, falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (the “Order”), and persons falling within Article 49(2) of the Order (all such persons together being referred to as “relevant persons”). In the UK, this communication must not be acted on or relied on by persons who are not relevant persons. In the UK, any investment or investment activity to which this communication relates is available only to relevant persons and will be engaged in only with such persons.

This communication does not constitute an offer to sell or solicitation of an offer to buy the Notes in Nigeria. No offers or sales of the Notes will be made in Nigeria except in compliance with applicable rules and regulations.

Investors should refer to the Offering Circular and the Pricing Supplements and should determine for themselves the relevance of the information contained in the Offering Circular regarding the use of proceeds and its investment in the securities should be based upon such investigation as it deems necessary.

Credit ratings referred to in this communication should not be taken as recommendations by a rating agency to buy, sell or hold securities. They may be revised, suspended or withdrawn at any time by the relevant rating agency.