In a strategic move to bolster economic growth and attract global investment, the Federal Government of Nigeria plans to issue a $500 million dollar-denominated domestic bond on Monday. This initiative aims to engage both local and international investors in the nation’s financial market.

Gbadebo Adenrele, Managing Director of Investment Banking at United Capital Group, revealed the details during a hybrid roadshow organized by the Debt Management Office (DMO) on Thursday. He emphasized that the auction will open on the specified date, inviting market participants to prepare for the opportunity.

Minister of Finance, Wale Edun, previously announced the government's intention to launch this dollar-dominated bond, underscoring its potential to stimulate economic progress within Nigeria. Patience Oniha, the Director General of the DMO, confirmed that the settlement date for the bond auction will be ten days after the auction takes place.

The auction aims to attract a total of $1 billion in subscriptions, effectively doubling the initial offering. This ambitious approach reflects the Nigerian government’s commitment to fostering a robust investment climate amid ongoing economic challenges.