Investors oversubscribe Lagos State N200bn bond in historic vote of confidence
Lagos State has recorded a historic milestone as investors oversubscribed its N200 billion Conventional Bond, reflecting robust confidence in the state’s financial management and economic prospects.
The bond issue, which is the largest ever by a non-corporate sub-national entity in Nigeria, was overbooked by 55 per cent, raising N310 billion in subscriptions.
Similarly, the state’s N14.8 billion Green Bond also received an enthusiastic reception, attracting N28.7 billion, nearly double the initial target.
Governor Babajide Sanwo-Olu described the development as “a reflection of the global confidence in Nigeria’s economy, fostered by the bold reforms initiated by President Bola Tinubu GCFR, as reflected in the recent oversubscription of the Federal Government’s Eurobond.”
He added, “In Lagos, this demonstrates 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.
”We will continue to ensure prudent financial management, accountability, and fiscal transparency, providing a conducive environment for businesses to grow.
”Our dream is to make Lagos a global financial hub, and we will keep our eyes on the ball.”
The state’s Commissioner for Finance, Hon. Yomi Oluyomi, highlighted that Lagos remains the first sub-national government in Nigeria to issue an impact climate bond.
The proceeds from both the Conventional and Green Bonds are earmarked for critical projects across the state, directly aligned with the THEMES+ Agenda of the governor.
Key areas of investment include transportation, healthcare, education, and environmental sustainability initiatives aimed at improving the livelihood and well-being of Lagosians and securing a more prosperous, resilient future for the state.
