Nigeria has invited advisory firms to pitch for a planned Eurobond issuance, marking its return to international debt markets. The government's move signals renewed appetite for foreign currency funding as it seeks to capitalize on favorable investor sentiment following its last bond sale. This represents the first Eurobond effort since November, when demand dramatically outpaced supply.

The November issuance attracted five times more bids than the amount offered, indicating strong investor appetite for Nigerian sovereign debt. That oversubscription suggests market confidence in Nigeria's creditworthiness or attractive pricing, making the Eurobond route appealing for future fundraising. Government officials likely see this as an opportunity to tap deeper pools of international capital.

Seeking advisers signals the formal structuring phase of the bond sale, with investment banks expected to handle underwriting, pricing, and marketing duties. These appointments typically involve selecting lead managers who coordinate with legal counsel and rating agencies to navigate regulatory requirements across multiple jurisdictions.

The Eurobond program reflects Nigeria's strategy to diversify its funding sources beyond domestic markets and concessional lenders. With the November success fresh in memory, officials may target similar or larger issuance sizes, potentially funding infrastructure projects or budget priorities.