Nigeria Taps Investment Banks for Eurobond Issue, Eyes $1 Billion External Borrowing

Nigeria has hired investment banks such as Citigroup, JPMorgan Chase & Co., and Goldman Sachs Group to advise on the West African nation’s first eurobond issue since 2022.

The size of the eurobond offer, expected before June, has not been determined. Nigeria may raise up to $1 billion in external borrowing in 2024 to meet its spending needs. Standard Chartered Bank and Lagos-based Chapel Hill Denham have also been hired as advisers.

Chapel Hill Denham Group, founded by Nigeria’s Minister of Finance and Coordinating Minister of the Economy, provides comprehensive advisory services to a diverse client base.

In June 2023, the Global Energy Alliance for People and Planet (GEAPP) and Chapel Hill Denham established the Energy Transition & Access Facility for Africa (ETAFA), which will enable the deployment of US$50M to support distributed renewable energy projects in Nigeria.

President Tinubu signed a N28.7 trillion budget for the 2024 fiscal year, with a deficit of N9.8 trillion, which will require financing through borrowings.