Lagos State has recorded another major milestone in the capital market with the successful conclusion of its landmark bond issuance, attracting overwhelming interest from investors and surpassing subscription expectations.
According to the Commissioner for Finance, Hon. Yomi Oluyomi, the state offered a ₦200 billion Conventional Bond and a ₦14.8 billion Green Bond, both of which were significantly oversubscribed.
Oluyomi revealed that the Conventional Bond – now the largest ever issued by a non-corporate sub-national in Nigeria’s history – attracted subscriptions totaling ₦308 billion, representing a 54 percent oversubscription.
He added that Lagos State also made history as the first sub-national government in Nigeria to issue an impact-driven climate (Green) Bond, which received ₦28.7 billion in subscriptions, marking a 94 percent oversubscription.
Governor Babajide Sanwo-Olu, expressing delight over the achievement, described it as a demonstration of the confidence reposed in Nigeria’s economy and Lagos State’s governance structure.
“This reflects the global confidence in Nigeria’s economy, fostered by the bold reforms initiated by President Bola Ahmed Tinubu, as seen in the recent oversubscription of the Federal Government’s Eurobond,” Sanwo-Olu said.
He added that the success of the issuance “is also a testament to Lagos’ resilience and the unwavering support of our private sector partners, who believe in our vision to build Africa’s model megacity that is safe, secure, and functional.”
Sanwo-Olu reaffirmed his administration’s commitment to prudent financial management, accountability and transparency, noting that Lagos remains determined to strengthen its position as a global financial hub.
The governor explained that proceeds from the bonds will be channeled into critical infrastructure projects aligned with the T.H.E.M.E.S+ Agenda, including transportation, healthcare, education and environmental sustainability.
“These projects will significantly enhance the quality of life of our people and secure a more prosperous and resilient future for Lagos,” he said.