Lagos State has set a new benchmark in Nigeria’s capital market with the successful completion of the bookbuild for its landmark bond issuance, which received an overwhelming response from investors.
The state offered a ₦200 billion Conventional Bond and a ₦14.8 billion Green Bond, both of which were significantly oversubscribed. The Conventional Bond — now the largest ever issued by a non-corporate sub-national in Nigeria’s history — attracted a remarkable ₦308 billion in subscriptions, representing a 54% oversubscription above the initial offer.
In another groundbreaking achievement, Lagos became the first sub-national government in Nigeria to issue an impact-focused climate (Green) Bond. The ₦14.8 billion offer drew ₦28.7 billion in subscriptions, a 94% oversubscription, underscoring strong investor confidence in the state’s sustainability vision.
Governor Babajide Sanwo-Olu described the historic outcome as a testament to renewed global confidence in Nigeria’s economy following the reforms initiated by President Bola Ahmed Tinubu, which also reflected in the oversubscription of the Federal Government’s Eurobond.
“This milestone reflects the global confidence in Nigeria’s economic direction,” Governor Sanwo-Olu said. “For Lagos, it demonstrates our resilience and the unwavering support of our private sector partners who believe in our vision of building Africa’s model megacity — safe, secure, and functional.”
The Governor reiterated his administration’s commitment to prudent financial management, accountability, and fiscal transparency, assuring that Lagos will continue to provide an enabling environment for businesses to thrive.
“Our dream is to make Lagos a global financial hub,” he added. “We will keep our eyes on the ball.”
According to the Commissioner for Finance, Hon. Yomi Oluyomi, proceeds from the bond issuances will be deployed to fund critical infrastructure and social-impact projects aligned with Governor Sanwo-Olu’s THEMES+ Agenda. These include priority investments in transportation, healthcare, education, environmental sustainability, and other essential sectors designed to improve the quality of life for Lagos residents.
He emphasised that the oversubscribed bonds underscore investors’ solid confidence in Lagos State’s governance, financial discipline, and long-term vision for a more prosperous and resilient future.
