Nigeria’s Debt Management Office (DMO) has successfully raised N1.144 trillion in its first Treasury Bills (NTB) auction of 2026, reflecting continued strong demand for government securities amid rising interest rates.
The auction, conducted on 7 January, saw N108.17 billion raised from the 91-day bill, N48.23 billion from the 182-day tenor, and N987.78 billion from the 364-day paper.
According to DMO's report, the one-year instrument dominated, drawing subscriptions of approximately N1.38 trillion against an offer of N800 billion, and yielding a stop rate of 18.47 per cent, the highest increase across the curve.
Market analysts said the results uncovered an upward repricing of risk-free assets as investors sought protection against inflation and policy uncertainty.
Despite higher yields, appetite for long-dated government instruments remained resilient, underlining robust system liquidity and investor confidence in locking in attractive returns.
Globally, the United Nations’ World Economic Situation and Prospects 2026 report forecast that economic output will grow by 2.7 per cent this year, slightly below last year’s 2.8 per cent and the pre-pandemic average of 3.2 per cent.
Regional projections indicate moderate growth in major economies: the United States (US) is expected to expand by 2 per cent, the European Union (EU) by 1.3 per cent, East Asia by 4.4 per cent, and South Asia by 5.6 per cent, led by India’s 6.6 per cent growth.
Africa’s output is projected to rise by 4 per cent, marginally up from 3.9 per cent in 2025, amid high debt levels and climate-related risks.
The UN report also stated that global trade, which expanded by 3.8 per cent in 2025, is expected to slow to 2.2 per cent in 2026 due to persistent geopolitical and policy uncertainties.
Nigeria’s NTB market is likely to remain attractive to both local and foreign investors in 2026, particularly for longer-term instruments offering higher yields and hedging against reinvestment risks, reports insisted.
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