- Lagos State Records Milestone with Oversubscribed Bond Issuance
- Oluyomi revealed that Lagos floated a N200 billion Conventional Bond
- The Green Bond, Lagos’ first impact-driven climate bond, generated N28.7 billion in commitments
Lagos State has set a major financial milestone following the successful completion of its latest bond issuance, which attracted exceptional investor interest, according to Finance Commissioner Yomi Oluyomi.
Eko Hot Blog reports that in a statement on Monday, Oluyomi revealed that Lagos floated a N200 billion Conventional Bond alongside a N14.8 billion Green Bond. Both offerings received subscriptions far exceeding expectations.
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The Conventional Bond, the largest ever issued by a non-corporate sub-national entity in Nigeria, attracted N308 billion in bids, representing a 54 percent oversubscription. The Green Bond, Lagos’ first impact-driven climate bond, generated N28.7 billion in commitments, 94 percent higher than the initial offer.
Governor Babajide Sanwo-Olu said the strong investor turnout reflects renewed global confidence in Nigeria’s economic direction, supported by reforms introduced by President Bola Ahmed Tinubu. He added that the achievement underscores the resilience of Lagos and the continued faith of the private sector in the state’s ambition to become Africa’s model megacity.
The governor reaffirmed Lagos’ commitment to disciplined financial management, transparency, and accountability, promising to maintain a business-friendly environment as the state advances toward becoming a global financial hub.
Proceeds from the bond issuance will be directed into priority projects under the THEMES+ Agenda, focusing on transportation, healthcare, education, and environmental sustainability. These initiatives are expected to enhance residents’ quality of life and strengthen the state’s long-term economic resilience.
The Conventional Bond is a long-term, fixed-rate debt instrument issued under the Lagos State Debt Issuance Programme, which provides a framework for raising capital through bonds, notes, and other securities to fund key developmental projects.
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