In a historic show of confidence, investors have oversubscribed Lagos State’s N200 billion Conventional Bond.
The transaction was overbooked by 55 per cent, yielding N310 billion.
The overwhelming reception from the investment community represented a historic demonstration of trust in the state.
Similarly, a N14.8 billion Green Bond was also significantly oversubscribed.
The Conventional Bond, which is the largest ever issued by a non-corporate sub-national in Nigeria, attracted subscriptions totalling N308 billion, representing a 54 per cent oversubscription above the initial offer.
Commenting on the development, the state governor, Babajide Sanwo-Olu, said, “This is a reflection of the global confidence in Nigeria’s economy, fostered by the bold reforms initiated by President Bola Ahmed Tinubu GCFR as reflected in the recent oversubscription of the Federal Government’s Eurobond.”
Sanwo-Olu added, “In Lagos, ours is a testament to our resilience and the unwavering support of our private sector partners who believe in our vision of building Africa’s model megacity that is safe secure and functional.
“We shall continue to ensure prudent financial management, accountability and fiscal transparency as we continue to provide a conducive environment for businesses to grow. Our dream is to make Lagos a global financial hub; we will keep our eyes on the ball.”
In a statement, the Commissioner for Finance, Hon. Yomi Oluyomi, said Lagos remained the first sub-national government to issue an impact climate bond.
The Green bond attracted N28.7 billion, 94 per cent more than the target.
The proceeds from the bonds are earmarked to fund critical projects across the state, directly aligned along the line of the THEMES+ Agenda of the governor.
The statement added that the projects will focus on vital areas, such as transportation, healthcare, education, and environmental sustainability, all aimed at significantly improving the livelihood and well-being of all Lagosians and securing a more prosperous and resilient future for the state.
James Emejo
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