Lagos State has closed the bookbuild for its landmark ₦200 billion bond issuance, drawing an exceptional response from investors and ending with a 55 per cent oversubscription. Commissioner for Finance, Yomi Oluyomi, confirmed the strong market appetite, noting that the ₦14.8 billion Green Bond component was also significantly oversubscribed.
The conventional bond, now the largest ever issued by a non-corporate sub-national entity in Nigeria, attracted ₦310 billion in subscriptions—far exceeding the original offer. Lagos also broke new ground as the first sub-national government in the country to issue an impact climate bond. The Green Bond recorded ₦29.29 billion in commitments, representing a 97.7 per cent 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.
