Lagos State Governor, Babajide Sanwo-Olu, on Thursday announced the successful signing of two major bond issuances valued at ₦244.8 billion under the state’s ₦1 trillion Debt and Hybrid Instruments Programme, describing the overwhelming investor response as a strong vote of confidence in Lagos’ economic direction.
The governor, in a post on X on Thursday, revealed that the state signed the ₦14.815 billion Series III 16.00% Green Bond alongside the ₦230 billion Series IV 16.25% Bond, both of which significantly surpassed subscription expectations.
Sanwo-Olu said the level of investor interest demonstrated the trust the market continues to place in Lagos. “Today shows what is possible when investors believe in Lagos. We set out to raise ₦14.815B for the Green Bond and received ₦29.29B in bids. For the Series IV Bond, our ₦200B target drew ₦310.06B in bids. Altogether, both issuances attracted ₦339.35B. That confidence is not something we take lightly.”
He emphasised the historic significance of the Green Bond, noting that it is the first to be issued by a sub-national government in Nigeria. According to him, the project aligns closely with his administration’s development blueprint.
“The Green Bond is especially meaningful because it is the first of its kind issued by a sub-national government in Nigeria. It supports our THEMES Agenda, especially our work on environmental protection, climate resilience, and creating a safer Lagos for future generations.”
Sanwo-Olu also highlighted the strategic role of the Series IV Bond in driving major socioeconomic projects across the state. “The Series IV Bond will strengthen critical areas like transport, housing, healthcare, education, and urban renewal. These are investments that touch real lives, not just numbers on a page.”
The governor expressed gratitude to all partners who contributed to the success of the bond issuances, including lawmakers, regulators, financial advisers, and investors. “I am grateful to everyone involved, the Lagos State House of Assembly, the financial advisers, the issuing houses, the regulators, our civil service team, and above all, the investors who continue to place their trust in us.”
He assured Lagos residents that the funds raised will be managed responsibly and with a focus on measurable impact. “We will keep working with transparency and accountability. Every kobo entrusted to us must lead to real improvements for our people.”
Sanwo-Olu reaffirmed his administration’s commitment to sustainable development and long-term growth, stating: “Together, we are building a Lagos that is resilient, inclusive, and competitive.”
