Nigeria's Eurobond 8 times oversubscribed, shows confidence

The London Stock Exchange says Nigeria's $1 billion Eurobond is eight times oversubscribed and demonstrates international confidence despite the oil-producing nation's economic woes.

The 15-year bond offering 7.875 percent in trading starting Thursday is the first Nigerian offering since 2013 and the 2015 change of administration to President Muhammadu Buhari.

An exchange statement says it's "a strong statement of international investor interest in building exposure to Nigeria's economy."

The bond is far from the $30 billion that Buhari proposed raising through loans — a request rejected by legislators last year.

Nigeria is suffering its worst recession in 25 years with inflation nearing 19 percent provoking protests about high food costs. Buhari inherited a looted treasury compounded by low oil prices and militant attacks that at times nearly halved petroleum production.