Nigeria Raises N5.08 Trillion in Bond Market H1 2026

In the first half of 2026, the Federal Government of Nigeria raised N5.08 trillion from the domestic bond market, representing a 77.8% increase from N2.86 trillion raised during the same period in 2025. The Debt Management Office (DMO) reported that investor appetite remained strong, with subscriptions exceeding N9 trillion.

The government significantly increased the amount of bonds offered, totaling N4.95 trillion compared to N1.85 trillion in the corresponding period of 2025. Despite the increase in total subscriptions to N9.04 trillion, the demand relative to the size of the government's offers declined.

The DMO accepted a total of 2,823 bids across bond auctions in the first half of 2026, with a success rate of 48.7%, down from 57.1% in 2025. Notably, January 2026 saw the highest borrowing at N1.54 trillion.

The average margin rate for bonds decreased from 19.84% in 2025 to 16.78% in 2026, indicating a reduction in borrowing costs.