To add to my earlier post. I don't think Nigerians bond would stand a chance. Even if investors were to invest in Nigerian bonds, they would demand much higher interest rates. Because, the Nigerian economy is not fundamentally strong, the currency is not stable, shadowy account reports, budget deficits, rampant corruption, instability, lack of security, flawed judicial system influenced by bribes and cronyism and many other factors that will make a prospective investor think twice. Countries with the opposite of the factors I mentioned above would attract investors even at low interest rate.

In a nutshell. Bond is just like a loan. A country,local government,etc issues bonds to raise funds. Depending on the conditions of the loan, the borrower is supposed to pay an interest for a fixed date to the creditor(holder of the debt security). A country's financial health determine how valuable her bond is. If the borrower fails to meet up with the obligation of the loan contract as in repayment with the specified interest, investors looses confidence in the ability of the country to pay its debt and therefore the value of the bond depreciates and thus affects the economy in general.

I suggest you get more concrete and detailed information by researching more from academic sources.