Lagos bond hits ₦310 billion with 55% oversubscription

By Adeola Ogunrinde –

Lagos State has made history with the successful conclusion of its landmark bond issuance, receiving overwhelming support from the investment community. Commissioner for Finance Yomi Oluyomi on Tuesday confirmed that the state offered a ₦200 billion conventional bond and a ₦14.8 billion green bond, both of which were significantly oversubscribed.

“The conventional bond, the largest ever issued by a non-corporate sub-national entity in Nigeria’s history, attracted subscriptions totaling ₦308 billion, representing a 54% oversubscription above the initial offer. Lagos State is also the first sub-national government to issue an impact climate bond, which attracted ₦28.7 billion—94% more than the target,” Oluyomi said.

Governor Babajide Sanwo-Olu described the achievement as a reflection of global confidence in Nigeria’s economy, bolstered by the reforms introduced by President Bola Ahmed Tinubu, GCFR.

“This milestone highlights our resilience and the unwavering support of our private sector partners, who share our vision of building Africa’s model megacity—safe, secure, and functional. We will continue to ensure prudent financial management, accountability, and fiscal transparency while providing an enabling environment for businesses to thrive,” the governor said.

He added that Lagos aims to become a global financial hub and stressed that the state remains focused on achieving that goal.

Proceeds from the bonds will fund critical projects across the state, aligned with the THEMES+ agenda of the administration.

“These projects will prioritise key sectors including transportation, healthcare, education, and environmental sustainability, all aimed at improving the well-being of Lagosians and securing a more prosperous and resilient future for the state,” the governor said.