Nigeria has again lost its place as the top oil producer in Africa after Angola overtook it.

The Federal Government, yesterday, said that it had issued the $1 billion Eurobond with 800 per cent over-subscription, as foreign investors demanded for $7.8 billion, reflecting investors‘confidence in the nation’s economy.

Nigeria plans to auction 110 billion naira ($360 million) of local currency bonds on Feb. 15, its second debt sale this year, the Debt Management Office said on Wednesday.

Credit rating agency, Standard and Poor’s (S&P) has assigned ‘B’ issue ratings to Nigeria’s proposed Eurobonds, even as the Finance Minister, Mrs Kemi Adeosun, announced yesterday that the country will soon meet investors before the bond sale and also seek a loan from the World Bank when the National Assembly approves this year’s budget.