Lagos State has successfully raised N244.82 billion through the issuance of green and conventional bonds, with proceeds set to fund major infrastructure projects across the state.

Governor Babajide Sanwo-Olu, speaking at the Ministry of Finance/DMO bond signing ceremony, thanked investors for their confidence in the state. He described the issuance as part of Lagos’ N1 trillion debt and hybrid instruments programme and highlighted the state’s leadership in Nigeria’s domestic bond market.

The green bond, Nigeria’s first subnational green bond, raised N14.815 billion, with total bids reaching N29.29 billion, reflecting strong investor support for environmentally sustainable projects under the THEMES+ Agenda. The bond will finance environmentally aligned infrastructure, aimed at building a resilient and sustainable Lagos.

The Series 4 conventional bond, initially targeting N200 billion, closed at N230 billion due to strong investor demand. Governor Sanwo-Olu noted that each successive bond under his administration has surpassed the previous issuance, demonstrating growing market confidence.

Commissioner for Finance, Abayomi Oluyomi, said the selection of projects for the bonds was guided by the UN Sustainable Development Goals, ensuring measurable environmental and social impact.

Bolaji Balogun, CEO of Chapel Hill Denham and lead issuing house, praised Lagos for its fiscal discipline, transparency, and innovation, noting that many states struggle to successfully issue bonds. Lagos’ milestone as the first subnational issuer of a green bond in Africa further underscores its role as a model for other states.

The successful bond issuance positions Lagos to potentially raise N300–500 billion in future bond programs, supporting the state’s ambitious infrastructure and development agenda.