The Lagos State Government has announced strong investor interest in its latest bond issuance, securing N310 billion from the market, 55 per cent above its initial N200 billion target.
An update shared on the state’s X handle confirmed that the N200 billion conventional bond attracted bids worth N310 billion, marking one of the most successful debt sales by a Nigerian sub-national.
The state’s N14.8 billion Green Bond, Nigeria’s first sub-national climate-focused bond, also reported robust demand, closing with 97.7 per cent oversubscription at N29.29 billion.
Largest Sub-National Bond, First Sub-National Green Bond
According to Lagos, the conventional bond represents the largest bond issuance ever by a non-corporate sub-national in Nigeria, while the Green Bond reinforces the state’s growing push toward sustainability and climate-resilient infrastructure.
Proceeds from both issuances will fund projects under the state’s THEMES+ Agenda, including transportation upgrades, healthcare expansion, education improvements, environmental initiatives, and other long-term development programmes.
Sanwo-Olu: Investor Confidence Reflects Broader Market Optimism
Responding to the outcome, Governor Babajide Sanwo-Olu said the oversubscription reflects renewed confidence in Nigeria’s financial markets.
He linked the strong demand to economic reforms championed by President Bola Ahmed Tinubu, comparing the performance to 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,” he said.
Sanwo-Olu reaffirmed the government’s commitment to prudent financial management, transparency, and maintaining a stable investment climate.
