Lagos State has successfully concluded the bookbuild for its landmark ₦200 billion bond issuance, achieving a 55 % oversubscription. The conventional bond, the largest ever issued by a non‑corporate sub‑national entity in Nigeria’s history, attracted subscriptions totaling ₦310 billion. In addition, the ₦14.8 billion Green Bond was significantly oversubscribed, receiving ₦29.29 billion—representing a 97.7 % increase over the target and making Lagos State the first sub‑national government to issue an impact climate bond.
In a statement, Commissioner for Finance Yomi Oluyomi said the offer received an overwhelmingly positive response from the investment community. Governor Babajide Sanwo‑Olu attributed the success to growing global confidence in Nigeria’s economy, citing the recent oversubscription of the Federal Government’s Eurobond as evidence of this trend.
The proceeds from both bonds will fund critical projects across the state, aligned with the Governor’s THEMES+ Agenda. These projects will focus on transportation, healthcare, education, and environmental sustainability, aiming to improve the livelihood and well‑being of all Lagosians and secure a more prosperous future for the state.
The significant oversubscription demonstrates the investment community’s confidence in Lagos State’s economy and its vision for the future. The state’s commitment to prudent financial management, accountability, and fiscal transparency has created a conducive environment for business growth. As Governor Sanwo‑Olu noted, the goal is to make Lagos a global financial hub, and this development is a step toward that objective.
The successful bond issuance is expected to have a positive impact on the state’s infrastructure and services, ultimately benefiting its citizens. With the funds raised, Lagos State can now proceed with its planned projects, contributing to economic growth and reinforcing the state’s position as a key player in Nigeria’s economy, while demonstrating its potential to attract investment and drive development.
Comments are closed for this story.