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By Lukman Olabiyi
Lagos State has achieved a major milestone in its financial market operations, concluding the book build of its landmark bond issuance with overwhelming investor interest.
The state’s Commissioner for Finance, Hon. Abayomi Oluyomi, confirmed that Lagos offered a ₦200 billion conventional bond and a ₦14.8 billion green bond — both significantly oversubscribed.
The conventional bond, the largest ever issued by a non-corporate sub-national entity in Nigeria, attracted ₦308 billion in subscriptions, representing a 54% oversubscription.
The green bond also enjoyed strong demand, drawing ₦28.7 billion, a 94% oversubscription.
Governor Babajide Sanwo-Olu described the outcome as a reflection of global investor confidence in Nigeria’s economy, boosted by ongoing national reforms.
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He linked the success of the offer to similar positive sentiment seen in the recent oversubscription of the Federal Government’s Eurobond.
“In Lagos, this is a testament to our resilience and the unwavering support of private sector partners who believe in our vision of building Africa’s model megacity,” Sanwo-Olu said.
He reaffirmed the government’s commitment to prudent financial management, transparency, and creating a business-friendly environment.
“Our dream is to make Lagos a global financial hub; we will keep our eyes on the ball,” he added.
The Governor noted that proceeds from the bond issuance will be channelled into critical infrastructure and social projects aligned with the THEMES+ Agenda. Priority areas include transportation, healthcare, education, and environmental sustainability — initiatives aimed at improving the quality of life for residents and strengthening the state’s long-term resilience.
