Lagos State has recorded a major milestone in its quest to deepen access to long-term financing as its latest bond issuance attracted subscriptions worth N310bn, significantly surpassing the initial offer.
The Commissioner for Finance, Mr Yomi Oluyomi, confirmed in a statement on Monday that the state concluded the bookbuild for its N200bn Conventional Bond and N14.8bn Green Bond—both of which were oversubscribed by wide margins.
Oluyomi noted that the N200bn Conventional Bond, now the largest ever issued by a non-corporate sub-national in Nigeria, drew bids totalling N308bn, representing a 54 per cent oversubscription. He added that the Green Bond, which positions Lagos as the first sub-national government in Nigeria to issue an impact climate bond, attracted N28.7bn, exceeding the offer size by 94 per cent.
Governor Babajide Sanwo-Olu, reacting to the development, said the robust investor confidence mirrored the renewed optimism in Nigeria’s economic direction, buoyed by the policy reforms of President Bola Tinubu.
“This level of subscription reflects global confidence in Nigeria’s economy, as similarly demonstrated in the Federal Government’s recently oversubscribed Eurobond. For Lagos, it speaks to our resilience and the steadfast support of our private-sector partners who believe in our vision of building Africa’s model megacity—safe, secure, and globally competitive.” He said.
Sanwo-Olu reaffirmed his administration’s commitment to prudent fiscal management, accountability, and transparency. “Our goal is to position Lagos as a global financial hub, and we will continue to stay focused on that objective,” he added.
According to the statement, proceeds from the bond issuance will be deployed to critical projects aligned with the administration’s THEMES+ Agenda, with particular focus on transportation, healthcare, education, and environmental sustainability. The projects, it noted, are designed to improve living standards and strengthen long-term socio-economic resilience across the state.
The conventional bond forms part of Lagos State’s Debt Issuance Programme, which enables the government to raise capital through bonds, notes, and other instruments to finance infrastructure and social development initiatives.
