The Federal Authorities of Nigeria (FGN) and some corporates raised over N3.4 trillion in eight months by way of the Nigerian Change (NGX).
Based on the NGX’s newest official itemizing report for the eight-month interval ended August 31, the listings comprised new and supplementary listings.
By new and supplementary listings, FGN raised a complete sum of N3.4 trillion whereas corporates raised a mixed sum of N84.5 billion as of August 2025.
A brand new itemizing refers to a very new bond concern being admitted to the Change for the primary time, whereas below supplementary itemizing, the issuer raises extra funds below an current bond programme with the identical ISIN, coupon, and maturity date.
Bond listings
The Federal Authorities of Nigeria (FGN) raised roughly N759.7 billion by way of the itemizing of 14 new Federal Authorities Bonds (FGNs) on the Nigerian Change (NGX) between February and August 2025, based on official market knowledge reviewed by Nairametrics
The 14 new bond listings admitted to the NGX within the interval below assessment amounted to a mixed market capitalization of N759,706,224,000, based mostly on the “Amount Admitted” multiplied by the N1,000-unit value per bond.
The biggest single admission got here from the 22.60% FGN JAN 2035 bond, with N368.31 billion in models listed. Different important listings included the 17.173% FGS MAY 2028 (N3.47 billion) and the 18.799% FGS FEB 2028 (N3.06 billion).
February 2025 noticed the most important itemizing exercise, accounting for over N369 billion in new bond admissions pushed primarily by the FGN JAN 2035 concern, which alone represented practically half (48%) of the overall worth raised within the interval.
Coupon charges and market yields
The brand new points carry coupon charges starting from 15.762% to 22.60%, reflecting elevated home borrowing prices within the face of persistent inflationary pressures and tight liquidity in Nigeria’s fixed-income market.
The very best yield, 22.60%, was recorded on the FGN JAN 2035 concern, whereas the bottom coupon of 15.762% was hooked up to the FGS JUL 2028 and FGS JUL 2027 bonds.
This large yield unfold illustrates the present premium traders’ demand for longer-dated maturities and inflation-protected returns.
The listings span a variety of maturities, from two-year financial savings bonds to ten-year longer-term devices, primarily focusing on retail and institutional traders alike.
Brief- and medium-term choices (2027–2028 maturities) dominated the listings, signaling sustained investor urge for food for mid-tenor devices, whilst yields on longer-term securities stay excessive.
Supplementary bond listings
The FGN raised about N2.6 trillion by way of a sequence of supplementary bond listings on the Nigerian Change (NGX) between January and August 2025. NGX knowledge obtained by Nairametrics reveal the listings cowl a number of tranches of Federal Authorities of Nigeria (FGN) Bonds with coupon charges ranging between 18.50% and 19.89%, and maturities stretching from 2029 to 2033.
The listings, totaling 12 separate issuances, had been admitted on the Change between January and August 2025, with combination worth exceeding N2.59 trillion. The bonds had been issued to boost funds for finances financing and to refinance maturing obligations as a part of the federal government’s broader debt administration technique.
A breakdown of the information exhibits that the best single tranche got here on March 10, 2025, when the federal government listed N605.03 billion value of bonds below the 18.50% FGN FEB 2031 sequence. One other main tranche of N449.77 billion was listed on Might 15, 2025, below the 19.89% FGN MAY 2033 bond.
Different important listings embrace N327.69 billion of the 19.89% FGN MAY 2033 bond on April 25, and N305.36 billion below the 19.30% FGN APR 2029 sequence listed in March.
Engaging yields, rising coupon charges
The bonds provide coupon charges starting from 18.50% to 19.89%, representing among the highest yields lately. Market analysts be aware that the elevated charges mirror efforts by the Debt Administration Workplace (DMO) to steadiness the price of borrowing with investor demand, amid inflationary pressures and tight financial coverage.
The bonds carry various maturities, stretching from April 2029 to Might 2033, with unit costs mounted at N1,000. This mixture of medium- and long-term maturities is aimed toward spreading refinancing obligations over time, thereby easing strain on authorities money flows in subsequent fiscal years.
Company Bonds
Whereas Federal Authorities debt dominated the listings, company issuances added a big N84.5 billion from three business papers:
Dangote Cement Plc – N38.20 billion, 10-year 23.50% Mounted Fee Senior Unsecured Bonds due 2034 (listed 20 March 2025).
Craneburg EKSG Motorway Firm Plc – N32.50 billion, 20-year 22% Senior Assured Mounted Fee Infrastructure Bonds due 2045 (listed 21 July 2025).
TSL SPV Plc – N5.00 billion, 21% Collection 1 Senior Assured Mounted Fee Infrastructure Bonds due 2035 (listed 25 June 2025).
Additionally, the NGX listed 87,900,000 models of Coronation Asset Administration Restricted’s Collection 1 of Coronation Infrastructure Fund of N100 every, valued at N8.79 billion.
Sturdy investor urge for food for Authorities Securities
Regardless of considerations over Nigeria’s rising debt profile, investor urge for food for government-backed devices stays robust. The excessive subscription ranges recorded throughout a number of tranches counsel continued religion within the FGN’s creditworthiness and the relative security of sovereign bonds. Based on analysts, the listings are irresistible.
“Traders are locking into longer-dated bonds at double-digit yields, anticipating that charges could reasonable as soon as inflation stabilizes,” mentioned Mr. Aruna Keriba, a senior stockbroker at NGX. “We’re seeing wholesome bid protection throughout maturities, significantly within the 7–10-year papers.”
He added that the listings offered liquidity and transparency within the mounted earnings market, offering traders with simply tradable devices on the NGX.
What you must know
The listings are in step with the DMO’s 2025 borrowing plan, which emphasizes using home devices to fund fiscal gaps to scale back change price publicity from exterior borrowing.
The federal authorities projected a N13.08 trillion finances deficit in 2025 and hopes largely to finance the deficit by way of home borrowing of N7.37 trillion. Within the MTEF doc, the FG acknowledged, “The deficit will largely be financed by home borrowings, contemplating the slender window for exterior financing.”
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