Governor Babajide Sanwo-Olu of Lagos has sought to fund infrastructural projects in the state by raising capital through the Nigerian Exchange Limited (NGX).
While receiving the Board and Management of NGX led by the Chief Executive Officer (CEO), Temi Popoola, during a courtesy visit, Sanwo-Olu is looking at raising the capital to fund infrastructure projects through equities, green, Sukuk, and Blue Bonds on the bourse.
Satisfied by the governor’s vision, Popoola stated that “at NGX, we are eager to reaffirm our commitment to collaborating with Lagos State Government on its infrastructure development drive through our robust platform available to fund strategic objectives.
“This is particularly important to us given the critical position Lagos state occupies as the Centre of Excellence and the major economic hub in Nigeria and Sub-Saharan Africa. NGX has always been a strong collaborator through which the state accesses long-term developmental funding from the capital market evidenced by the ₦224.54 Billion Lagos State Bonds listed on NGX – cumulatively the largest subnational bond listed on the NGX platform. We, therefore, look forward to exploring more opportunities especially in infrastructure financing, environmental and climate bonds, and capacity building.”
Meanwhile, it is noteworthy to mention in this report that Lagos State, under Sanwo-Olu’s leadership led the list for investments in the country, as Nigeria recorded a total of $23.30 billion in investment announcements last year (2021).
The state, according to the Nigerian Investment Promotion Commission (NIPC), recorded investments valued at $8.7 billion, which represents a 39% increase when compared to the $26.74 billion it recorded in 2020.
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