Lagos State has achieved a major milestone in its financial markets drive with the successful completion of the bookbuild for its landmark bond issuance, which received overwhelming interest from investors across the country.
The State floated a ₦200 billion Conventional Bond and a ₦14.8 billion Green Bond, both of which were significantly oversubscribed. The Conventional Bond, now the largest ever issued by a non-corporate sub-national government in Nigeria’s history, attracted a total of ₦308 billion in subscriptions, representing a 54% oversubscription.
The Green Bond, which positions Lagos State as the first sub-national government to issue an impact climate bond in Nigeria, also recorded strong investor confidence, attracting ₦28.7 billion, a 94% oversubscription.
Speaking on the landmark achievement, Lagos State Commissioner for Finance, Hon. Yomi Oluyomi, described the outcome as a powerful vote of confidence in the State’s financial discipline, governance record, and long-term development strategy.
“This remarkable oversubscription reflects the trust investors have in Lagos State and in our commitment to transparent, prudent and accountable financial management,” Oluyomi said. “It also reinforces the credibility of our long-term infrastructure plan under Governor Babajide Sanwo-Olu’s THEMES+ Agenda.”
Oluyomi noted that the issuance, especially the Green Bond, signals Lagos State’s leadership in climate-resilient and sustainable financing. “Being the first sub-national to issue an impact climate bond underscores our dedication to environmental sustainability and long-term economic resilience,” he added.
Governor Babajide Sanwo-Olu also hailed the accomplishment, linking it to increasing global confidence in Nigeria’s economy and ongoing reforms at the federal level. According to him, the State’s performance mirrors the positive investor response recently recorded in the Federal Government’s Eurobond.
“In Lagos, ours is a testament to resilience and the unwavering support of private sector partners who believe in our vision of building Africa’s model megacity, safe, secure and functional,” Sanwo-Olu said. “We will continue to ensure prudent financial management and create a conducive environment for businesses to grow. Our dream is to make Lagos a global financial hub.”
The proceeds from the bond issuance will be channelled into critical projects across the State in line with the THEMES+ developmental agenda. Priority areas include transportation, healthcare, education and environmental sustainability, all designed to enhance the quality of life for Lagos residents and strengthen the State’s long-term prosperity.
