The short version
Most governments in this market mix the two shapes: some bonds repay in one go, others repay in instalments over their final years. Ghana, Senegal and Côte d'Ivoire are all instalment books. Nigeria is not. All fifteen of its Eurobonds repay in a single payment at maturity, which makes the amount owed on each one constant for the bond's whole life.
The list is also complete. Nigeria's own Debt Management Office publishes a closing-price file, and it lists exactly these fifteen. There is no sixteenth bond sitting outside our universe, which is not something we can say about every country here.
Nigeria's naira-denominated sukuk are domestic instruments, not Eurobonds, and are correctly absent. So is the US$300 million diaspora bond, which was repaid in 2022.
The fifteen bonds
In order of maturity. All in US dollars, all paying interest twice a year, all repaying in a single payment at the end. Interest is worked out on a basis that treats every month as thirty days and every year as 360.
6.500% due 28 November 2027
- Coupon
- 6.500% confirmed
- Final maturity
- 28 November 2027 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 28 May and 28 November confirmed
- Amount outstanding
- US$1,500,000,000
6.125% due 28 September 2028
- Coupon
- 6.125% confirmed
- Final maturity
- 28 September 2028 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 28 March and 28 September confirmed
- Amount outstanding
- US$1,250,000,000
8.375% due 24 March 2029
- Coupon
- 8.375% confirmed
- Final maturity
- 24 March 2029 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 24 March and 24 September confirmed
- Amount outstanding
- US$1,250,000,000
7.143% due 23 February 2030
- Coupon
- 7.143% confirmed
- Final maturity
- 23 February 2030 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 23 February and 23 August confirmed
- Amount outstanding
- US$1,250,000,000 confirmedThe Debt Management Office's own summary table labels this line US$1.2bn. The table is the error; the bond is US$1.25bn.
8.747% due 21 January 2031
- Coupon
- 8.747% confirmed
- Final maturity
- 21 January 2031 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 21 January and 21 July confirmed
- Amount outstanding
- US$1,000,000,000Matures on 21 January. Official tables label the date loosely; we hold the exact day.
9.625% due 9 June 2031
- Coupon
- 9.625% inferred
- Final maturity
- 9 June 2031 inferred
- Repayment
- One payment at maturity — no instalments inferred
- Interest dates
- 9 June and 9 December inferred
- Amount outstanding
- US$700,000,000 inferredOne of the December 2024 pair. Everything on this line — its identifying code, its maturity date and its interest dates — rests on data providers rather than on a document. Its pricing supplement is not in the exchange's public index.
7.875% due 16 February 2032
- Coupon
- 7.875% confirmed
- Final maturity
- 16 February 2032 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 16 February and 16 August confirmed
- Amount outstanding
- US$1,500,000,000 inferredIssued at US$1,000,000,000 and now standing at US$1,500,000,000. The extra US$500,000,000 is real — only that total reconciles with the Debt Management Office's aggregate — but no document recording the increase was found.
7.375% due 28 September 2033
- Coupon
- 7.375% confirmed
- Final maturity
- 28 September 2033 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 28 March and 28 September confirmed
- Amount outstanding
- US$1,500,000,000
10.375% due 9 December 2034
- Coupon
- 10.375% inferred
- Final maturity
- 9 December 2034 inferred
- Repayment
- One payment at maturity — no instalments inferred
- Interest dates
- 9 June and 9 December inferred
- Amount outstanding
- US$1,500,000,000 inferredThe other half of the December 2024 pair, in the same position: identifiers, maturity and interest dates rest on data providers, not a document.
8.6308% due 13 January 2036
- Coupon
- 8.6308% confirmed
- Final maturity
- 13 January 2036 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 13 January and 13 July confirmed
- Amount outstanding
- US$1,247,465,000 confirmedNot a round number, and worth carrying exactly. Our own store held US$1,247,000,000 until 19 August 2026 — US$465,000 short. It now matches the pricing supplement. See below.
7.696% due 23 February 2038
- Coupon
- 7.696% confirmed
- Final maturity
- 23 February 2038 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 23 February and 23 August confirmed
- Amount outstanding
- US$1,250,000,000
9.1297% due 13 January 2046
- Coupon
- 9.1297% confirmed
- Final maturity
- 13 January 2046 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 13 January and 13 July confirmed
- Amount outstanding
- US$1,100,000,000 confirmed
7.625% due 28 November 2047
- Coupon
- 7.625% confirmed
- Final maturity
- 28 November 2047 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 28 May and 28 November confirmed
- Amount outstanding
- US$1,500,000,000
9.248% due 21 January 2049
- Coupon
- 9.248% confirmed
- Final maturity
- 21 January 2049 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 21 January and 21 July confirmed
- Amount outstanding
- US$750,000,000Matures on 21 January, like the 2031.
8.250% due 28 September 2051
- Coupon
- 8.250% confirmed
- Final maturity
- 28 September 2051 confirmed
- Repayment
- One payment at maturity — no instalments confirmed
- Interest dates
- 28 March and 28 September confirmed
- Amount outstanding
- US$1,250,000,000
What we are not sure about
Three gaps in the public record, stated plainly rather than papered over.
Two bonds whose terms we cannot show you a document for
The pair sold in December 2024 — the 9.625% due 2031 and the 10.375% due 2034 — are the weakest lines in this list. Their identifying codes, their maturity dates and their interest dates all come from data providers rather than from an issuer document, and we have not found their pricing supplements in the exchange's public index.
We also record them as repaying in a single payment, which is our inference from the fact that every other Nigerian Eurobond does. It is a good inference. It is still an inference, and it is tagged as one above.
A top-up nobody published
The 7.875% due 2032 was sold as a US$1,000,000,000 bond and now stands at US$1,500,000,000. The extra half-billion is certainly real — only that total reconciles with the Debt Management Office's own aggregate figure — but we never found the document that recorded it.
This is a recurring shape rather than a Nigerian quirk. Terms are fixed at issue and written into a document that exists forever. Size is not: it moves with every top-up and buy-back, and the completion of a top-up is very often never announced. A prospectus is authoritative about what a bond is, and only indicative about how much of it there is.
Which of two near-identical conventions applies, on nine lines
Interest here is calculated on a thirty-day month. There are two versions of that convention which differ only in how they treat months of thirty-one days. For six of the fifteen bonds we have a document naming which one applies. For the other nine the base prospectus defers the choice to a document that was never made public.
The difference is very small and, for these bonds, usually nil. We flag it because “probably the same as the others” is not the same as knowing.
Two things we got wrong ourselves
The tool that manufactured the fault it was looking for
While checking this book we recorded that two coupons were stored rounded — 8.631% and 9.130% against the documents' 8.6308% and 9.1297% — worked out that the difference amounted to about ninety thousand dollars of misstated interest, and recommended correcting them.
The store already held both coupons exactly, to eight decimal places. They looked wrong because the script used to read the data printed it to three. The rounding was in the instrument, not in the data. We had read our own output back and reported it as a defect in the source.
It is on this page for the same reason it stayed in our notes: an instrument that reformats data can manufacture the very defect it is looking for, and the more confident the write-up, the less likely anyone is to re-check the reader. The script now prints the coupon exactly as stored.
The reasoning about why it would have mattered was sound, and we have kept it for the case where it does apply. A coupon rate is not only an input to a price — it determines what the government actually pays — so a rounded rate produces a cash figure that never reconciles.
An error of ours, found and corrected
The pricing supplement for the 8.6308% due 2036 gives the amount as US$1,247,465,000. We held US$1,247,000,000 — US$465,000 short, under four hundredths of one per cent of the line, with no visible effect on anything.
It is written up because of how that kind of number goes wrong. US$1,247,465,000 is not a round figure, and awkward figures get tidied by hand into round ones and then never questioned again. Ours had been. Corrected on 19 August 2026, from the pricing supplement rather than from any vendor field.
Where every figure here comes from
No data vendor supplies the terms on this page except where the page says so explicitly, on the December 2024 pair. No Bloomberg or terminal data was used.
| What it tells us | Source |
|---|---|
| The programme terms under which most of these bonds were issued, including the definition of the interest convention. Read in full, 243 pages | Federal Republic of Nigeria, Global Medium Term Note Programme Base Prospectus, 21 November 2017 |
| The current programme terms, carrying the identical interest definition seven years later. Read in full, 283 pages | Federal Republic of Nigeria, Base Offering Circular, 2 December 2024 |
| Exact amounts, coupons, maturity and interest dates for the November 2025 pair — including the US$1,247,465,000 that our own figure is short of | Federal Republic of Nigeria, Pricing Supplements for the 8.6308% 2036 and the 9.1297% 2046, 11 November 2025 |
| That the universe is exactly fifteen lines, and the terms of the 2021 and 2022 issues | Debt Management Office of Nigeria, Eurobond closing-price files and pricing press releases; FMDQ executed pricing term sheets |
| Maturity and interest dates on the 2017 issues | Nigerian Exchange fixed-income listing sheet |
| That the US$300 million diaspora bond was repaid in 2022 and is correctly absent | Debt Management Office of Nigeria, redemption press release |
How we work out the price
Nothing on this page is a price. Terms change rarely — a coupon, a maturity date and a repayment schedule are fixed when the bond is sold — so a reference page can state them once and stand. Prices change all day, so they live on the price page and only there. If a figure here ever disagrees with one there, this page is the one to distrust, and we would like to hear about it.
Information only. This page is general educational material about how this market works. Nothing here is investment, financial, legal or tax advice, or a recommendation to buy or sell any security. Prices shown elsewhere on this site are indicative and are not an offer to trade.
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