The Debt Management Office (DMO) reports that the Federal Government Savings Bond attracted a total subscription of N45.135 billion between 2017 and 2022. Director General Patience Oniha disclosed these figures in Lagos on Tuesday, noting that the bond was specifically designed to encourage retail investors across all six geo‑political zones of the country. Introduced in March 2017, the product enables retail investors to participate in the federal government securities market and promotes financial inclusion.
The recent stakeholders’ meeting was convened to review the performance of the FGN Savings Bond and to present a new portal developed in collaboration with the Central Securities Clearing System. Oniha explained that primary dealers, market makers, the Central Bank of Nigeria, the Securities and Exchange Commission, Nigeria Exchange Limited, and stockbroking firms were invited to the session. She emphasized that the DMO believes the bond has greater potential than currently realised and has identified two strategies to achieve higher volumes and attract more investors.
In 2022, the DMO launched investor sensitisation programmes in several Nigerian cities, a strategy that proved successful as total subscriptions nearly doubled—from N8.396 billion in 2021 to N16.589 billion in 2022. Building on this outcome, the DMO plans additional sensitisation efforts and broader publicity. The second strategy involves deploying technology to make the subscription process faster, easier, and more convenient. The portal has already been tested with distribution agents, and the presentation aimed to introduce it to a wider group of stakeholders.
During a paper presentation, DMO representative Bose Olafisoye explained that the bond was introduced as part of the office’s market‑development initiatives. He noted a growing investor appetite for the three‑year FGN Savings Bond compared with the two‑year bond, likely due to a 100‑basis‑point difference in coupons and a preference for longer maturities. Olafisoye stressed the need to build on the gains achieved over the years to further develop the retail segment of the bond market.
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