Lagos Bond Subscription Hits N310bn

The Lagos State Government has achieved a major milestone with the successful conclusion of the bookbuild for its landmark bond issuance, which received overwhelming interest from investors across the capital market.

Commissioner for Finance, Yomi Oluyomi, said the state offered a N200bn Conventional Bond and a N14.8bn Green Bond, both of which were significantly oversubscribed, marking a new record in Nigeria’s sub-national debt market.

He explained that the Conventional Bond attracted N308bn in subscriptions 54 per cent above the offer making it the largest ever issued by a non-corporate sub-national in the country, while the Green Bond drew N28.7bn, representing a 94 per cent oversubscription.

Oluyomi noted that Lagos is the first sub-national government to issue an impact-focused climate bond, describing the strong investor confidence as a testament to the state's credibility and strategic financial management.

Governor Babajide Sanwo-Olu said the strong investor turnout reflects growing global confidence in Nigeria’s economic direction, supported by the reforms of President Bola Tinubu and the recent oversubscription of the Federal Government’s Eurobond.

“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,” Sanwo-Olu said.

“Our state will continue to ensure prudent financial management, accountability, and fiscal transparency as we create a business-friendly environment. Our dream is to make Lagos a global financial hub; we will keep our eyes on the ball,” he added.

According to the statement, proceeds from the bonds will fund key projects under the THEMES+ Agenda including transportation, healthcare, education, and environmental sustainability aimed at improving the well-being of Lagos residents and strengthening the state’s long-term resilience.