Lagos Signs Landmark ₦245B Bond for Development

The Lagos State Government has successfully signed the ₦14.815 billion Series III 16.00% Green Bond and the ₦230 billion Series IV 16.25% Bond under its ₦1 trillion Debt and Hybrid Instruments Programme, marking a major milestone in the state’s financial and developmental strategy. These issuances reaffirm Lagos’ strong creditworthiness and the administration’s commitment to progressive financing techniques that support long-term growth.

The robust investor confidence was evident in the overwhelming subscription levels. Against a target of ₦14.815 billion for the Green Bond, the state received an impressive ₦29.29 billion in bids. Similarly, the Series IV Bond witnessed strong interest, as the ₦200 billion target attracted an outstanding ₦310.06 billion in bids. In total, both bonds pulled in an extraordinary ₦339.35 billion a clear signal that investors believe deeply in Lagos’ vision, stability, and future.

The Series III Green Bond carries special significance as the first sub-national green bond issuance in Nigeria. This groundbreaking achievement aligns with Lagos State’s THEMES Agenda, particularly its focus on environmental sustainability, climate resilience, and building a safer, cleaner future for generations yet to come. The funds will support strategic eco-friendly projects aimed at strengthening the state’s environmental protection efforts.

Meanwhile, the Series IV Bond is designed to enhance critical sectors such as transportation, housing, healthcare, education, and urban renewal. These investments go far beyond financial numbers they represent real improvements in the everyday lives of Lagos residents. From better roads and modern housing to improved medical care and enhanced learning environments, the bond is expected to deliver tangible dividends across the state.

The Governor extended heartfelt appreciation to key stakeholders, including the Lagos State House of Assembly, financial advisers, issuing houses, regulators, civil service teams, and the investors whose trust made the success of the bonds possible. He reiterated the government’s commitment to transparency and accountability, emphasizing that every kobo raised will be channeled into meaningful development. With these strategic financial steps, Lagos continues its journey toward becoming a resilient, inclusive, and globally competitive megacity.