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Funding issuanceNigeriaDeveloping story

Q1 2026 external debt service falls 31% as DMO starts process to appoint Eurobond transaction advisers

Q1 2026 external debt service fell 31% to US$954.1m (quarter to March 31, 2026), while on June 29, 2026 the Debt Management Office opened a competitive process to appoint transaction advisers for a potential Eurobond issuance, signalling preparatory steps toward re-entering international markets.

MSA Market DeskEvent 29 June 2026Reviewed 1 min read

The desk brief

Q1 2026 external debt service fell 31% to US$954.1m (quarter to March 31, 2026), while on June 29, 2026 the Debt Management Office opened a competitive process to appoint transaction advisers for a potential Eurobond issuance, signalling preparatory steps toward re-entering international markets.

Lower Q1 external payments temporarily ease immediate external rollover pressure, but rising market-related payments and the start of adviser selection for a new Eurobond imply refinancing risk remains concentrated in market funding. Any eventual Eurobond would test investor appetite for Nigerian duration and likely influence sovereign USD curve pricing and funding premia if executed.

DMO deadline for adviser EOIs and prequalification: July 13, 2026; watch for adviser shortlist and mandate announcement.

Sources & verification

Developing story

Further independent confirmation is required.

Public references supporting this brief.

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Price Discovery

Nigeria sovereign curve

Latest server-calculated mid yield by maturity. Points are observed Price Discovery levels, not an interpolated valuation curve.

15 priced bonds
9.20%8.12%7.05%5.97%4.90%20272033203920452051Nigeria 27 · Nov 2027 · 5.468%Nigeria 28 · Sept 2028 · 6.051%Nigeria 29 · Mar 2029 · 6.489%Nigeria 30 · Feb 2030 · 6.881%Nigeria 31 Jan · Jan 2031 · 7.176%Nigeria 31 Jun · Jun 2031 · 7.166%Nigeria 32 · Feb 2032 · 7.294%Nigeria 33 · Sept 2033 · 7.728%Nigeria 34 · Dec 2034 · 7.838%Nigeria 36 · Jan 2036 · 8.005%Nigeria 38 · Feb 2038 · 7.948%Nigeria 46 · Jan 2046 · 8.578%Nigeria 47 · Nov 2047 · 8.402%Nigeria 49 · Jan 2049 · 8.550%Nigeria 51 · Sept 2051 · 8.630%
Move across the curve to inspect a bondAs of
BondMid pxYield
  • Nigeria 27Nov 2027101.0635.468%
  • Nigeria 28Sept 2028100.1256.051%
  • Nigeria 29Mar 2029104.1256.489%
  • Nigeria 30Feb 2030100.7506.881%
  • Nigeria 31 JanJan 2031105.6257.176%
  • Nigeria 31 JunJun 2031109.5007.166%
  • Nigeria 32Feb 2032102.5007.294%
  • Nigeria 33Sept 203398.1257.728%
  • Nigeria 34Dec 2034115.0007.838%
  • Nigeria 36Jan 2036104.0008.005%
  • Nigeria 38Feb 203898.1257.948%
  • Nigeria 46Jan 2046105.1258.578%
  • Nigeria 47Nov 204792.3758.402%
  • Nigeria 49Jan 2049106.8758.550%
  • Nigeria 51Sept 205196.1258.630%

Indicative levels only. Full bid/ask context and trading actions remain inside MSA Trader.

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