Lagos State has successfully concluded the bookbuild for its landmark ₦200 billion bond programme, receiving an overwhelming investor turnout that pushed total subscriptions 55% above the initial target. According to Commissioner for Finance, Yomi Oluyomi, the strong demand extended to the ₦14.8 billion Green Bond segment, which also closed heavily oversubscribed.
The conventional bond—now the largest ever raised by a non-corporate sub-national in Nigeria—drew an impressive ₦310 billion in bids, far surpassing expectations. Lagos also made history as the first state government in the country to float an impact-focused climate bond. The Green Bond alone secured ₦29.29 billion in commitments, representing a 97.7% oversubscription.
Governor Babajide Sanwo-Olu said the outcome reflects renewed international confidence in Nigeria’s economic trajectory, attributing the positive sentiment to reforms championed by President Bola Ahmed Tinubu. He noted that the enthusiastic response mirrors the Federal Government’s recent Eurobond success. Sanwo-Olu emphasized that the achievement underscores Lagos’ resilience and the unwavering support of private-sector partners who believe in the state’s vision of a safe, efficient megacity.
He reaffirmed his administration’s dedication to accountability, sound financial management, and sustaining a business-friendly environment. The long-term objective, he added, is to elevate Lagos into a world-class financial Centre.
The government confirmed that proceeds from the bond issuance will be directed toward high-impact projects under the THEMES+ development agenda. Key areas of investment include transportation, healthcare, education, and environmental sustainability—initiatives aimed at enhancing the living standards of residents and building a more prosperous, resilient Lagos for the future.
