The Debt Management Office of Nigeria has successfully closed its third Sovereign Green Bond offer, recording an impressive ₦91.42 billion in subscriptions against a target of ₦50 billion, achieving a subscription rate of 183%. The offer, which concluded on June 18, 2025, underscores strong investor confidence in Nigeria’s commitment to sustainable finance and climate action. The issuance is the third and largest green bond following the successful debut offering in December 2017 and follow on offering in 2019.
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The 5-year FGN Green Bond, due in 2030, was issued with a coupon rate of 18.95% per annum, and investors were allotted ₦47.355 billion. The bond, offered through a book build by financial advisers Chapel Hill Denham Advisory Limited and Stanbic IBTC Capital Limited, qualifies as a security for trustee investments under the Trustee Investment Act. Units were sold at ₦1,000 each, with a minimum subscription of ₦10 million and increments of ₦1 million thereafter.
Proceeds from the issuance will fund projects in the 2024 Appropriation Act aligned with Nigeria’s Nationally Determined Contributions (NDCs) under the Paris Agreement, supporting the country’s goal of achieving net-zero emissions by 2060.
Ms. Patience Oniha, Director-General of the DMO, hailed the outcome as evidence of growing investor trust in Nigeria’s green bond market and its sustainable development agenda. Chapel Hill Denham and Stanbic IBTC Corporate and Investment Banking served as financial advisers and book runners for the transaction.
