Lagos State has set a new milestone with its latest bond issuance, attracting unprecedented interest from investors, according to Finance Commissioner Yomi Oluyomi.

The state issued a N200 billion Conventional Bond alongside a N14.8 billion Green Bond, both of which saw demand far exceeding expectations. The Conventional Bond alone drew N308 billion in bids, representing a 54% oversubscription, making it the largest bond ever issued by a non-corporate sub-national entity in Nigeria. Meanwhile, the Green Bond, Lagos’ first impact-driven climate bond, generated N28.7 billion in commitments, 94% above the initial offering.

Governor Babajide Sanwo-Olu hailed the strong investor response as a signal of renewed global confidence in Nigeria’s economic outlook, attributing it to reforms introduced by President Bola Ahmed Tinubu. He emphasized that the achievement reflects Lagos’ resilience and the private sector’s faith in the state’s vision of becoming Africa’s model megacity.

Allocation of proceeds:
Funds from the bonds will be directed to projects under the THEMES+ Agenda, focusing on transportation, healthcare, education, and environmental sustainability—initiatives designed to improve residents’ quality of life and strengthen the state’s long-term economic resilience.

The Conventional Bond is a long-term, fixed-rate instrument issued under the Lagos State Debt Issuance Programme, which allows the state to raise capital for critical developmental projects.

Governor Sanwo-Olu reaffirmed the state’s commitment to disciplined financial management, transparency, and accountability, promising to maintain a business-friendly environment as Lagos progresses toward a global financial hub.