Lagos State recorded a major milestone as its N200 billion bond issuance closed with strong interest from investors, reflecting rising confidence in the state’s economic direction. The Conventional Bond offer drew N308 billion in total subscriptions, showing a 54 percent oversubscription, while the N14.8 billion Green Bond attracted N28.7 billion, representing a 94 percent increase above the target. The state also noted that the Green Bond marks Lagos as the first sub-national government in Nigeria to issue an impact climate bond.
Governor Babajide Sanwo-Olu described the success as a clear sign of global trust in Nigeria’s economy, saying: “This is a reflection of the global confidence in Nigeria’s economy, fostered by the bold reforms initiated by President Bola Ahmed Tinubu GCFR as reflected in the recent oversubscription of the Federal Government’s Eurobond.”
He added that Lagos continues to benefit from strong private sector backing, noting: “In Lagos, ours is a testament to our resilience and the unwavering support of our private sector partners who believe in our vision of building Africa’s model megacity that is safe, secure and functional.”
The governor stated that the administration will sustain prudent financial management, accountability and fiscal transparency to support a stable investment climate. “We shall continue to ensure prudent financial management, accountability and fiscal transparency as we continue to provide a conducive environment for businesses to grow. Our dream is to make Lagos a global financial hub; we will keep our eyes on the ball,” he said.
The government confirmed that proceeds from the bond programme will fund major projects across the state under the THEMES+ Agenda, focusing on transportation, healthcare, education and environmental sustainability.
Commissioner for Finance, Hon. Yomi Oluyomi, said the investments are positioned to improve the livelihood of residents and strengthen the long-term growth of Lagos. Officials noted investor confidence remains strong as Lagos expands infrastructure to support growth further.
