Nigeria, Nov. 6 -- Nigeria's $2.35 billion Eurobond offer, which went up for sale on Wednesday, attracted an order book in excess of $13 billion, signaling the highest-ever demand level recorded by Africa's biggest crude producer in its debt issuance.

That makes the offer 453.2 per cent oversubscribed, a testament to blossoming investor confidence in the Nigerian economy, which took a hit from two recessions in the four years to 2020.

The transaction drew strong interest and demand from big institutional investors including pension and insurance funds, hedge funds, fund managers, banks and other financial institutions, according to a statement by the debt office.

The Debt Management Office (DMO) noted that the sovereign bond issuance a...