Lagos State has recorded another major milestone in its drive to mobilise long-term financing for infrastructure, following the successful completion of the bookbuild for its latest bond issuance, which attracted overwhelming investor interest.
In a statement the Commissioner for Finance, Yomi Oluyomi, said the state floated a N200 billion Conventional Bond and a N14.8 billion Green Bond, both of which were significantly oversubscribed.
According to him, the Conventional Bond—now the largest ever issued by a non-corporate sub-national in Nigeria—received a total of N308 billion in bids, representing a 54 per cent oversubscription.
He added that the state also became the first sub-national government in the country to issue a climate-focused Green Bond, which drew commitments totalling N28.7 billion, exceeding the offer size by 94 per cent.
Quoting Governor Babajide Sanwo-Olu, the statement noted that the strong investor turnout reflected renewed global confidence in Nigeria’s economic trajectory, boosted by reforms introduced by President Bola Ahmed Tinubu, evidenced in the recent oversubscription of the Federal Government’s Eurobond.
“In Lagos, this achievement reflects our resilience and the steadfast support of the private sector, which continues to demonstrate faith in our aspiration to build Africa’s model megacity—safe, secure and fully functional,” Sanwo-Olu said.
He reaffirmed the state’s commitment to disciplined financial management, transparency and accountability, pledging to sustain a business-friendly environment as Lagos advances towards becoming a global financial hub. “We will keep our eyes on the ball,” he added.
Oluyomi said proceeds from the bond issuance would be invested in priority projects under the THEMES+ Agenda, focusing on transportation, healthcare, education and environmental sustainability—sectors expected to improve residents’ quality of life and strengthen long-term economic resilience.
The Conventional Bond was issued under the Lagos State Debt Issuance Programme, a framework that enables the government to raise capital through bonds, notes and other securities for strategic development initiatives across the state.
