The Lagos State Commissioner for Finance, Yomi Oluyomi, says the state has set a major milestone following the successful completion of the bookbuild for its latest bond issuance, which received an exceptional level of interest from investors.
In a statement issued on Monday, Oluyomi revealed that Lagos floated a N200 billion Conventional Bond alongside a N14.8 billion Green Bond, both of which drew subscription volumes far exceeding expectations.
He noted that the Conventional Bond, now the largest ever issued by a non-corporate sub-national entity in Nigeria, attracted a total of N308 billion in bids, representing a 54 per cent oversubscription.
He added that Lagos also became the first sub-national government in the country to float an impact-driven climate bond, with the Green Bond generating N28.7 billion in commitments, 94 per cent higher than the amount initially offered.
Quoting Governor Babajide Sanwo-Olu, the statement said the remarkable investor turnout underscores renewed global confidence in Nigeria’s economic direction, propelled by the reforms introduced by President Bola Ahmed Tinubu, as seen 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.
The governor reaffirmed the state’s commitment to disciplined financial management, transparency, and accountability, promising that Lagos will maintain a business-friendly environment as it advances toward becoming a global financial hub. “We will keep our eyes on the ball,” he added.
According to the statement, proceeds from the bond issuance will be channelled into priority projects aligned with the THEMES+ Agenda, focusing on critical infrastructure and human development sectors. These include transportation, healthcare, education, and environmental sustainability—initiatives expected to significantly enhance the quality of life for residents and strengthen the state’s long-term economic resilience.
The Conventional Bond, the statement explained, 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 for key developmental projects across the state.