Nigeria has achieved a milestone with its inaugural foreign-currency domestic bond, which has garnered $900 million in subscriptions.

The Minister of Finance and Coordinating Minister of the Economy, Wale Edun, shared this information while presenting the outcomes of the landmark bond issuance on Tuesday.

He emphasized that the oversubscription is indicative of investor confidence in Nigeria's economic stability and growth potential.

Edun further elaborated that the successful launch of the domestic dollar bond represents a crucial advancement in the government's strategy to enhance economic growth and foster financial inclusion.

He remarked that this accomplishment reflects the government's dedication to diversifying funding sources in the face of economic challenges.

"The issuance of this first domestic FGN US Dollar Bond underscores the enduring trust investors have in Nigeria's economy," Edun stated.

The bond attracted a diverse array of investors, including both local and international Nigerians, as well as institutional investors.

The funds raised will be directed towards essential economic sectors, as sanctioned by President Bola Ahmed Tinubu.

The $500 million domestic FGN US Dollar Bond, which has a five-year maturity and a 9.75 percent coupon, is the initial tranche of a $2 billion bond program registered with the Securities and Exchange Commission.

The bond's structure permits the government to accommodate oversubscriptions up to the total $2 billion program limit.

Patience Oniha, the Director-General of the Debt Management Office, characterized the bond's success as a critical juncture for Nigeria's economic progress.

She highlighted that the $900 million raised from a variety of investors illustrates the increasing sophistication of Nigeria's domestic fixed-income market.

Oniha commended the contributions of all parties involved in the bond issuance, attributing the transaction's success to their expertise.