Lagos Unveils N214.8bn Bond Issuance Plan

Governor Babajide Sanwo-Olu on Friday urged private sector investors to support his administration’s infrastructure development drive, as Lagos State government rolled out a new bond programme aimed at financing critical projects across the state.

Speaking at an investors’ forum in Lagos, Governor Sanwo-Olu presented details of the proposed issuance of a maiden ₦14.8 billion green bond and a ₦200 billion conventional bond, both under the state’s ₦1 trillion Debt and Hybrid Instruments Issuance Programme.

He assured potential investors of the state’s financial credibility and unwavering commitment to development, stressing that Lagos has the track record and capacity to deliver on key infrastructure projects if 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,” Sanwo-Olu said.

The governor noted that Lagos has maintained a tradition of continuity, with successive administrations building on past achievements and reiterated the security of investor funds.
The commissioner for Finance, Mr Abayomi Oluyomi, highlighted the state’s longstanding fiscal responsibility.

He noted that since Lagos first entered the bond market in 1987 and has maintained a consistent record of debt repayment and project delivery.

“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 said.

Chairman of the Lagos State House of Assembly Committee on Finance, Mr Femi Saheed, expressed the legislature’s full backing of the bond issuance.

He assured investors that the House would closely monitor the execution of all projects funded through the bond to ensure transparency and accountability.

According to details shared at the forum, the ₦14. 8 billion green bond will have a five-year tenure and will be channeled into environmentally focused, climate-impact projects aligned with global Sustainable Development Goals (SDGs).

The ₦200 billion conventional bond will have a tenure of 10 years and will be used to fund 24 large-scale projects across various sectors.

These include transportation infrastructure such as rail and roads, waterfront development, affordable housing schemes, healthcare facilities, agro-produce hubs, and other high-impact initiatives aimed at improving Lagosians’ living standards.