Lagos launches ₦214.8bn bond program to enhance infrastructure development

By Adeola Ogunrinde –

Lagos State has announced a ₦214.8 billion bond issuance as Governor Babajide Sanwo-Olu calls on private investors to support the state’s infrastructure development. The new bond program includes a ₦14.8 billion Green Bond and a ₦200 billion conventional bond, both part of the ₦1 trillion Debt and Hybrid Instruments Issuance Programme.

Speaking at an Investor Forum in Lagos on Friday, Governor Sanwo-Olu assured investors of the state’s strong financial credibility and commitment to delivering key infrastructure projects when adequately funded.

“There are enormous opportunities in Lagos for sustainable growth. With more funding, we can do a lot more. Inflation and rising costs will always be a factor, but your investment today secures tomorrow’s progress,” he said.

The governor highlighted Lagos’s tradition of continuity, with successive administrations building on past achievements, and reassured investors about the safety of their funds.

Finance Commissioner Mr. Abayomi Oluyomi emphasized Lagos’s longstanding fiscal responsibility, noting its entry into the bond market since 1987 and consistent record of debt repayment.

“We are not new to the market. We have a solid reputation for managing our debt obligations responsibly and using the proceeds for their intended purposes,” Oluyomi stated.

Mr. Femi Saheed, Chairman of the Lagos State House of Assembly Committee on Finance, pledged the legislature’s full support and promised close monitoring of projects funded through the bond to ensure transparency.

The ₦14.8 billion Green Bond will have a five-year tenure funding climate-focused projects aligned with Sustainable Development Goals, while the ₦200 billion conventional bond will have a 10-year tenure supporting 24 major projects across sectors like transport, housing, healthcare, and agriculture, all aimed at improving Lagosians’ living standards.