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Bond Market News
Nigeria Secures $4.5bn Deal
August 5, 2026
– Vandit P
Nigeria approved a $4.5bn arrangement with its state-owned Nigerian National Petroleum Co. (NNPC) which will free up funds to bolster foreign-exchange reserves and support the government’s infrastructure priorities. The funds will come from a refinanced pre-export crude facility secured by 78,750 bpd oil output, according to a statement from the Vice President’s office, with the National Economic Council approving the deal on Monday. Nigeria has increased average output this year to 1.5mbpd with a government target of 3.0mbpd by 2030. Finance Minister Taiwo Oyedele told the NEC meeting the arrangement would free up resources for strategic priorities and strengthen the country’s financing framework. The deal is Nigeria’s second major external financing arrangement this year, following a $5bn total return swap agreement with First Abu Dhabi Bank in April, of which $1.5bn has already been accessed. Of the new facility, $1.5bn will refinance the outstanding balance of a 2023 NNPC loan, while NNPC will receive an additional $3bn in fresh financing, with proceeds typically used to settle tax and royalty obligations and other outstanding liabilities upfront. The duration of the facility was not disclosed.
Its 8.747% 2031s were stable at 108.1, yielding 6.6%
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