- Lagos Bond Success Shows Strong Global Confidence in State Economy – Sanwo-Olu
- Says the performance of the green bond is more than a financial achievement
- Oluyomi confirmed that the Series IV Conventional Bond successfully raised two hundred and thirty billion naira
Lagos State Governor Babajide Sanwo-Olu says the strong performance of the state latest bond issuances is a clear demonstration of global confidence in Lagos economy, governance structure and long term development vision, Eko Hot Blog reports.
Speaking at the official signing ceremony for the Series III Green Bond and the Series IV Conventional Bond, the governor noted that the overwhelming level of investor subscription shows Lagos stability and its commitment to sustainable growth.
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According to him, the performance of the green bond is more than a financial achievement. He said it reflects global confidence in Lagos credibility, preparedness and collective ambition to build a resilient and sustainable city.
Lagos recorded a combined bid book of three hundred and thirty nine billion naira across both issuances. The fourteen point eight one five billion naira Series III Green Bond attracted twenty nine point two nine billion naira in bids, while the two hundred billion naira Series IV Conventional Bond received three hundred and ten point zero six billion naira.
The state activated its green bond option to raise two hundred and thirty billion naira, marking the largest subnational bond issuance in Sub Saharan Africa. The green bond also became the first issued by any subnational government in Nigeria, reinforcing Lagos leadership in climate focused financing.
Sanwo – Olu said the achievement reflects the state fiscal discipline, economic strength and commitment to environmental sustainability under the THEMES Plus development agenda. He added that the results demonstrate trust in Lagos governance, transparency and development path.
He assured residents that the funds will be deployed to critical infrastructure such as transportation, housing, healthcare, education, environmental sustainability and urban renewal. He also promised full transparency and accountability in how the funds are used.
The governor expressed gratitude to President Bola Tinubu, the Federal Ministry of Finance, the Debt Management Office, the Securities and Exchange Commission, the National Pension Commission, the Lagos State House of Assembly, the State Executive Council and all technical partners for their support.
Sanwo – Olu further revealed that he was recently honored with the Time Africa Impact Personality of the Year Award at the G20 Africa Impact Summit in Johannesburg, calling the recognition a reflection of Lagos rising global reputation.
Lagos State Commissioner for Finance Abayomi Oluyomi described the fourteen point eight one five billion naira green bond as a historic moment in the Nigerian capital market. He said the issuance meets all international certification standards under the Climate Bonds Initiative and will fund projects aligned with the Sustainable Development Goals, including healthcare upgrades, solar energy installations, education infrastructure, food security programs and transportation expansion.
Oluyomi confirmed that the Series IV Conventional Bond successfully raised two hundred and thirty billion naira, noting that investor appetite suggests Lagos could raise between three hundred billion and five hundred billion naira in future issuances if regulations permitted. He credited the success to the leadership of Governor Sanwo Olu and Deputy Governor Obafemi Hamzat, as well as the support of the Lagos State House of Assembly, federal institutions and financial market stakeholders.
He also thanked both local and international investors for maintaining confidence in Lagos financial management and long term development vision.
The United Kingdom also congratulated Lagos. Representing the UK Deputy High Commissioner, Temilola Akinrinade, Private Sector Development Adviser at the Department for International Development, said Lagos and Nigeria should be proud of the achievement. She noted that the milestone reflects strong investor confidence and aligns with recent economic reforms under President Tinubu.
Akinrinade explained that the green bond signing followed several years of collaboration among the UK government, Lagos State and Financial Sector Deepening Africa, which supported the creation of the state green bond framework and project pipeline. She added that countries around the world are shifting toward long term climate compatible financing, and green bonds offer affordable capital for cleaner and more resilient economies.
She also noted the United Kingdom support for previous federal sovereign green bond issuances and ongoing initiatives such as the Lagos Free Zone through a fifty three billion naira InfraCredit guarantee. She highlighted the partnership between the City of London and Lagos State on the Lagos International Financial Centre, a project expected to position Lagos as a major regional capital market hub.
Akinrinade added that the massive oversubscription of the Lagos bonds sends a strong global message that subnational governments can attract major investment, issue high quality green instruments and access capital markets at scale. She said this creates real opportunities to mobilize capital for climate resilient growth and congratulated Lagos for setting a precedent for other states and emerging markets.
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