Lagos State Governor, Babajide Sanwo-Olu, has urged private investors to sustain their confidence in his administration’s capacity to deliver critical infrastructure that will benefit citizens.
The governor made the appeal on Friday in Victoria Island at the Investor Forum for the proposed issuance of the state’s maiden ₦14.1 billion Green Bond and a ₦200 billion conventional bond, both under Lagos’ ₦1 trillion Debt and Hybrid Instruments Issuance Programme.
Sanwo-Olu said Lagos had the capacity to do more if it had access to greater funding, noting that inflation and rising costs made immediate investment in infrastructure more compelling.
“Lagos has enormous opportunities for growth. Successive administrations have built on each other’s successes, and I assure you that your funds are secure. With more resources, we can deliver more projects for our people,” the governor stated.
The Chief Executive Officer of Chapel Hill Denham, the lead issuing house, Mr. Bolaji Balogun, described Lagos as a reliable debtor with a proven repayment record. He assured investors that there was nothing to worry about, adding that the state had consistently demonstrated fiscal discipline.
Also present at the forum were bank chief executives, managing directors of pension fund administrators (PFAs), and other captains of industry.
On the government side, Deputy Governor Dr. Obafemi Hamzat joined members of the State Executive Council to lend support to the bond programme.
Commissioner for Finance, Mr. Abayomi Oluyomi, described the bond offer as another opportunity for investors to partner with Lagos. He recalled that since the state’s first bond issuance in 1987, it had maintained a track record of responsibility with debts and demonstrated strong repayment capacity.
Chairman of the Lagos State House of Assembly Committee on Finance, Mr. Femi Saheed, pledged legislative support for the programme and assured investors that the Assembly would monitor projects financed through the bonds to ensure transparency and accountability.
The ₦14.1 billion Green Bond has a five-year tenor and will be deployed to climate-impact projects in alignment with global Sustainable Development Goals (SDGs). The ₦200 billion conventional Senior Unsecured Bond has a tenor of 10 years and will finance 24 major projects, including rail and road infrastructure, waterfront development, housing schemes, hospitals, and agro-produce hubs.