Nigeria’s Debt Management Office (DMO), on Thursday said the country successfully raised another US$1.5bn to help finance critical capital projects in the 2022 federal budget, thereby bridging infrastructure deficit in the country, besides enhancing the external reserves and strengthening national economic recovery.

A statement by the DMO said the seven-year Eurobond raised at the international capital market, makes Nigeria the first African country to access the market this year, besides confirming her established presence therein and engagements with investors on a continuous basis.

“The offer was launched at an initial price Thoughts of 8.75% per annum and on the back of strong investor demand, Nigeria was able to revise the price guidance to 8.5% per annum,” with the price tightening at 8.375% per annum, the DMO said.

Continuing, it said the Order Book grew to “a peak of US$4bn and included many quality investors in the United States, Europe, and Asia… (and) remained high at US$3.676bn and retained the quality investors.”

Nigerian investors, it explained, also participated in the offer with a total subscription of US$60m.