Lagos Seeks ₦214.8bn via Bonds for Infrastructure

Lagos state Governor Babajide Sanwo-Olu has called on private investors to back Lagos State’s ambitious ₦214.8 billion bond issuance, designed to finance critical infrastructure projects.

Cablenews24 reports that speaking at an Investor Forum in Lagos, Sanwo-Olu detailed plans for a ₦14.8 billion Green Bond (5-year tenure) and a ₦200 billion conventional bond (10-year tenure). These form the initial phase of the state’s broader ₦1 trillion Debt and Hybrid Instruments Issuance Programme.

Governor Sanwo-Olu emphasized the state’s proven financial credibility and commitment to development, assuring investors of fund security and a strong track record of project delivery since Lagos first entered the bond market in 1987. “Your investment today secures tomorrow’s progress,” he stated, acknowledging inflation challenges while highlighting Lagos’s growth potential.

“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.

He emphasized Lagos’ tradition of continuity, where successive administrations build on past achievements, and reiterated the security of investor funds.

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Project Focus:

Green Bond (₦14.8bn): Funds environmentally focused, climate-impact projects aligned with Sustainable Development Goals (SDGs).

Conventional Bond (₦200bn): Will finance 24 large-scale projects across key sectors:

Transportation (rail, roads)

Waterfront development

Affordable housing

Healthcare facilities

Agro-produce hubs

Other initiatives aimed at improving living standards.

Key Endorsements:

Finance Commissioner Abayomi Oluyomi: Highlighted Lagos’s “solid reputation” for responsible debt management and using proceeds as intended.

Oluyomi, highlighted Lagos’ longstanding fiscal responsibility, noting that since the state first entered the bond market in 1987, it 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.

Legislature (Hon. Femi Saheed): Expressed full backing and pledged close legislative oversight for transparency and accountability on funded projects.

This bond issuance is central to Lagos State’s strategy to attract private capital for public infrastructure and maintain its position as Nigeria’s leading sub-national economy.

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