Lagos State has successfully executed another landmark financing milestone with the signing of the ₦14.815 billion Series III 16.00% Green Bond and the ₦230 billion Series IV 16.25% Bond under its ₦1 trillion Debt and Hybrid Instruments Programme.
Governor Babajide Sanwo-Olu, who announced the achievement, said the outcome reflects strong investor confidence in Lagos State and its long-term development vision.
According to him, the state set out to raise ₦14.815 billion for the Series III Green Bond but attracted ₦29.29 billion in bids—almost double the target. For the Series IV Bond, the state targeted ₦200 billion and received an overwhelming ₦310.06 billion in subscriptions.
In total, both issuances drew ₦339.35 billion in bids, underscoring what the Governor described as “what is possible when investors believe in Lagos.”
He noted that the Green Bond is particularly significant as the first ever issued by a sub-national government in Nigeria. The instrument will support the State’s THEMES Agenda, especially initiatives on environmental sustainability, climate resilience, and long-term ecological protection.
The Series IV Bond, on the other hand, will be channeled into critical sectors such as transportation, housing, healthcare, education, and urban renewal—areas the Governor emphasized as having direct impact on the lives of residents.
Sanwo-Olu expressed gratitude to the Lagos State House of Assembly, financial advisers, issuing houses, regulators, the state civil service, and the investing community for their roles in the successful issuance. He reaffirmed his administration’s commitment to transparency, accountability, and ensuring that “every kobo entrusted to us leads to real improvements for our people.”
“With this achievement, we continue building a Lagos that is resilient, inclusive, and globally competitive,” the Governor said.
