Lagos State says it has concluded the bookbuild for its ₦200 billion bond issuance, which recorded a 55 percent oversubscription. Commissioner for Finance, Yomi Oluyomi, said the conventional bond attracted subscriptions totalling ₦310 billion, making it the largest ever issued by a non-corporate sub-national in Nigeria. He added that the ₦14.8 billion Green Bond was also significantly oversubscribed.
According to the Ministry of Finance, Lagos is the first sub-national government to issue an impact climate bond. The Green Bond attracted ₦29.29 billion, representing a 97.7 percent oversubscription, reflecting what officials describe as strong market interest in the state’s climate-focused initiatives.
Governor Babajide Sanwo-Olu welcomed the response from investors, linking it to confidence in Nigeria’s economy and ongoing reforms by President Bola Ahmed Tinubu. He said the support from private sector partners reinforces the state’s vision of building what he described as Africa’s model megacity.
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The state government says proceeds from the bond programme will be used to finance key projects under the THEMES Plus Agenda, including transportation, healthcare, education and environmental sustainability. The Ministry of Finance said the investments are aimed at improving the well-being of residents and ensuring long-term economic resilience.
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