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Bond Market News
Nigeria’s Dollar Bonds Drop Amid Weaker Oil Prices
March 7, 2025
Nigeria’s dollar bonds dropped by 1-2 points across the curve as falling oil prices raised concerns about the government’s revenue projections. The decline follows a drop in Brent crude to a six-month low, impacted by OPEC+’s surprised production hikes and global trade tensions. The Nigerian government is targeting oil production of 2.06mn barrels a day to bring-in revenue of at least NGN 19.6tn ($13bn), more than twice its oil earnings in 2024 and nearly half of its projected income for the year. With Nigeria relying on oil for over 80% of its foreign exchange earnings, reduced revenue could strain the naira and affect government spending plans. Analysts suggest increasing oil production could mitigate the impact.
Its 8.375% 2029s dropped by 1.3 points to 98.3 cents on the dollar, yielding 8.9%.
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