The Lagos State Government has announced the signing of two bonds under its ₦1 trillion Debt and Hybrid Instruments Programme, raising a total of ₦374.8 billion through significant over-subscription from investors.
Governor Babajide Sanwo-Olu confirmed the signing of the ₦14.815 billion Series III 16.00% Green Bond and the ₦230 billion Series IV 16.25% Bond on his X page on Thursday.
The issuance drew massive interest from the financial market, signalling strong investor confidence in the State’s economic stability and governance.
For the Green Bond, the State targeted ₦14.815 billion but received bids totalling ₦29.29 billion.
The Series IV Bond, initially set at ₦200 billion, attracted bids amounting to ₦345.51 billion.
Altogether, both issuances pulled in a combined bid value of ₦374.8 billion.
Sanwo-Olu highlighted the historical significance of the Green Bond noting that it is the first of its kind issued by a sub-national government in Nigeria.
READ ALSO
The funds generated from the Green Bond have been earmarked to support the State’s THEMES Agenda, with a focus on environmental protection, climate resilience, and creating a safer Lagos for future generations.
The proceeds from the Series IV Bond will be directed towards critical areas that impact citizens’ quality of life, including transport and urban renewal, housing and healthcare, as well as education.
Sanwo-Olu expressed gratitude to the state House of Assembly, regulators, financial advisers, and the investors, assuring them that the state will uphold its commitment to transparency and accountability.
“Every kobo entrusted to us must lead to real improvements for our people,” the governor stated, affirming the administration’s goal of building a Lagos that is resilient, inclusive, and competitive.
