The Federal Government of Nigeria (FGN) and several corporate issuers have raised more than N3.4 trillion through new and supplementary bond listings on the Nigerian Exchange (NGX) within eight months, ending August 2025.
According to NGX data, the Federal Government accounted for N3.4 trillion of the total amount, while corporate entities raised N84.5 billion through various debt instruments.
The FGN listed 14 new bond issues valued at about N759.7 billion between February and August 2025. The largest was the 22.60% FGN JAN 2035 bond, which contributed N368.31 billion. February saw the highest listing volume, driven by the same issue that made up nearly half of the total new listings.
The bonds carried coupon rates ranging from 15.762% to 22.60%, reflecting high domestic borrowing costs amid inflationary pressure and tight liquidity in the fixed-income market.
In addition to new bonds, the FGN raised N2.6 trillion through 12 supplementary listings between January and August 2025. These bonds had coupon rates between 18.50% and 19.89%, with maturities spanning from 2029 to 2033. The largest tranche was the 18.50% FGN FEB 2031 series valued at N605.03 billion.
Corporate bond listings also gained traction, with Dangote Cement Plc, Craneburg EKSG Motorway Company Plc, and TSL SPV Plc collectively raising N75.7 billion. Coronation Asset Management’s N8.79 billion infrastructure fund was also admitted to the NGX.
Despite rising debt levels, investor interest in government securities remains strong. Analysts attribute this to the high yields and relative safety of sovereign bonds.
Market observers noted that the listings align with the federal government’s 2025 borrowing plan to rely more on domestic debt to finance a projected N13.08 trillion budget deficit.
