Lagos State has closed the bookbuild for its landmark 200 billion bond issuance, drawing an exceptional response from investors and ending with a 55 per cent oversubscription. Commissioner for Finance, Yomi Oluyomi, confirmed the strong market appetite, noting that the 14.8 billion Green Bond component was also significantly oversubscribed. The conventional bond, now the largest ever issued by a non-corporate sub-national entity in Nigeria, attracted 310 billion in subscriptionsfar exceeding the original offer. Lagos also broke new ground as the first sub-national government in the country to issue an impact climate bond. The Green Bond recorded 29.29 billion in commitments, representing a 97.7 per cent oversubscription. Governor Babajide Sanwo-Olu described the outcome as a signal of global confidence in Nigerias economic direction, crediting it to the reforms introduced by President Bola Ahmed Tinubu. He said the result mirrors the strong reception seen in the Federal Governments Eurobond issuance. According to him, Lagos success highlights the states resilience and the continued backing of private-sector partners who share its vision of a safe, functional megacity. Sanwo-Olu reiterated his administrations commitment to prudent financial management, transparency, and maintaining an enabling environment for business growth, adding that the long-term ambition is to position Lagos as a global financial hub. The state government said proceeds from the bond programme will be channelled into priority projects aligned with the THEMES+ agenda. Investments will focus on transportation, healthcare, education, and environmental sustainability, with the goal of improving residents quality of life and securing a more resilient and prosperous future for Lagos.
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