Lagos Targets Oversubscription in ₦250bn Bond Issuance to Drive Sustainable Development
The Lagos State Government has unveiled its Series III Green Bond and Series IV Bond Issuances under its ₦1 trillion Debt and Hybrid Instruments Issuance Programme, with Governor Babajide Sanwo-Olu expressing confidence that the offer will be oversubscribed by investors.
Speaking at the “Investment Forum and Engagement with Mr. Governor” held in Victoria Island and organised by the Ministry of Finance and the Debt Management Office (DMO), Sanwo-Olu said the bond programme would enable Lagos to scale up sustainable development projects across critical sectors.
According to him, Lagos has the capacity to generate revenues of up to ₦250 billion, but requires greater investments to fully unlock opportunities in agriculture, integrated transport, healthcare, infrastructure, and technology.
> “Lagos has shown capacity to deliver on projects using indigenous means. What we need now is more capital inflow to eliminate malaria, empower our youths, train tech start-ups, and build infrastructure for sustainable growth,” the governor stated.
Sanwo-Olu noted that the funds raised would not only accelerate infrastructure delivery but also strengthen investor confidence in Lagos as Africa’s investment destination. He urged issuing houses and investors to support the state’s green bond drive, stressing that the opportunities within Lagos far outweigh current levels of investment.
Commissioner for Finance, Mr. Yomi Oluyomi, highlighted that Lagos remains the first subnational government in Nigeria to successfully issue revenue bonds, green bonds, and conventional bonds. He said proceeds from previous issuances had been channelled into landmark projects such as the Lekki Deep Sea Port, rail infrastructure, and other transformative investments.
Also speaking, Chief Executive Officer of the lead issuing house, Chapel Hill Denham, Mr. Bolaji Balogun, commended Governor Sanwo-Olu for his leadership in strengthening the market’s confidence. He encouraged stakeholders to support the bond issuance, adding that Lagos’ consistent track record in the capital market makes it a model for other states.
With the new issuances, Lagos is seeking to raise about ₦250 billion to finance ongoing and new projects under its sustainable development agenda.
