Lagos State Government has recorded a major financial breakthrough after its latest bond issuance closed with an impressive ₦310 billion total subscription, reflecting a 55 per cent oversubscription and strong investor confidence in the state’s fiscal credibility.
The read in a statement by the Commissioner for Information and Strategy, Mr Gbenga Omotoso, the issuance comprised a ₦200 billion Conventional Bond and a ₦14.8 billion Green Bond. According to the Lagos State Commissioner for Finance, Hon. Yomi Oluyomi, both instruments attracted overwhelming interest from the investment community.
Oluyomi confirmed that the Conventional Bond alone witnessed subscriptions totalling ₦308 billion, describing it as “the largest ever issued by a non-corporate sub-national in Nigeria’s history.”
He added that Lagos became the first sub-national government to issue an impact climate bond. “The Green Bond attracted ₦28.7 billion, 94% more than the target,” he said.
Governor Babajide Sanwo-Olu said the outcome reflects growing confidence in Nigeria’s economic reforms and the strategic direction of Lagos State. He linked the strong investor appetite to the broader national economic reforms initiated by President Bola Ahmed Tinubu.
“This is a reflection of the global confidence in Nigeria’s economy, fostered by the bold reforms initiated by President Bola Ahmed Tinubu GCFR as reflected in the recent oversubscription of the Federal Government’s Eurobond,” Sanwo-Olu said.
“In Lagos, ours is a testament to our resilience and the unwavering support of our private sector partners who believe in our vision of building Africa’s model megacity that is safe, secure and functional,” he added.
The governor reiterated his administration’s commitment to accountability and transparency. “We shall continue to ensure prudent financial management, accountability and fiscal transparency as we continue to provide a conducive environment for businesses to grow. Our dream is to make Lagos a global financial hub; we will keep our eyes on the ball.”
Sanwo-Olu explained that the proceeds from the bond issuance will be deployed to critical projects that align with the state’s THEMES+ Agenda, spanning transportation, healthcare, education, and environmental sustainability.
“These projects will focus on vital areas such as transportation, healthcare, education, and environmental sustainability, all aimed at significantly improving the livelihood and well-being of all Lagosians and securing a more prosperous and resilient future for the state,” he said.
The successful issuance further cements Lagos State’s position as Nigeria’s economic powerhouse and a leading financial destination in Africa.
