The Lagos State Government has returned to Nigeria’s capital market with a N200 billion bond offer under its N1 trillion Debt and Hybrid Instruments Issuance Programme.
The 10-year bond is open for subscription from Thursday, November 6, to 13, 2025. It is priced between 16.15 percent and 16.25 percent, according to the lead issuing house, Chapel Hill Denham Advisory Services Limited.
Through the book building process, investors will indicate their preferred amounts and rates. Subsequently, the final pricing will be determined based on market demand.
ALSO READ
Proceeds from the offer will support priority projects in transport, housing, healthcare, and education. These are key areas of Governor Babajide Sanwo-Olu’s THEMES+ development agenda.
Lagos, which contributes about 20 percent of Nigeria’s GDP, maintains one of Africa’s strongest subnational economies. Its internally generated revenue (IGR) rose by 105 percent to nearly N2 trillion in 2024. This reinforces fiscal resilience and investor confidence.
The State holds an Aa– rating from Agusto & Co. and AA– from GCR Ratings. This is supported by a diversified economy and sound expenditure management. Analysts say these fundamentals make the bond attractive to investors seeking high-yield assets.
Since debuting its N15 billion bond in 2002, the first by any Nigerian state, Lagos has issued several successful tranches. This includes N80 billion in 2012, N87.5 billion in 2017, and N137.3 billion in 2020, all of which have performed strongly or been fully repaid.
