With a remarkable reaction from investors and a 55% oversubscription, Lagos State has closed the bookbuild for its historic ₦200 billion bond sale. Yomi Oluyomi, Commissioner for Finance, noted that the ₦14.8 billion Green Bond component was also heavily oversubscribed, confirming the robust market appetite.
Subscriptions for the conventional bond exceeded the initial offer by ₦310 billion, making it the largest ever issued by a non-corporate sub-national authority in Nigeria. Lagos also made history by being the nation’s first subnational government to issue an impact climate bond. Commitments for the Green Bond totaled ₦29.29 billion, indicating a 97.7% oversubscription.
Governor Babajide Sanwo-Olu described the outcome as a signal of global confidence in Nigeria’s economic direction, crediting it to the reforms introduced by President Bola Ahmed Tinubu. He said the result mirrors the strong reception seen in the Federal Government’s Eurobond issuance. According to him, Lagos’ success highlights the state’s resilience and the continued backing of private-sector partners who share its vision of a safe, functional megacity. Sanwo-Olu reiterated his administration’s commitment to prudent financial management, transparency, and maintaining an enabling environment for business growth, adding that the long-term ambition is to position Lagos as a global financial hub.
The state government said proceeds from the bond programme will be channelled into priority projects aligned with the THEMES+ agenda. Investments will focus on transportation, healthcare, education, and environmental sustainability, with the goal of improving residents’ quality of life and securing a more resilient and prosperous future for Lagos.
