Record-breaking issuance cements Lagos as Nigeria’s leading sub-national borrower and pioneer of climate-impact bonds
Lagos State has completed the bookbuild for its landmark ₦200 billion bond issuance, recording an impressive 55 per cent oversubscription from investors.
In a statement issued by the Commissioner for Finance, Yomi Oluyomi, the state government said the offer garnered overwhelming interest from the investment community. He added that the state’s ₦14.8 billion Green Bond also attracted significant demand.
The conventional bond, now the largest ever issued by a non-corporate sub-national in Nigeria drew total subscriptions of ₦310 billion, surpassing the initial offer by more than half. Lagos also made history as the first sub-national government in the country to issue an impact climate bond.
According to the statement, the Green Bond generated ₦29.29 billion, representing a 97.7 per cent oversubscription, underscoring strong investor appetite for sustainable and climate-aligned financing instruments.
Governor Babajide Sanwo-Olu, celebrating the milestone, said the results reflect rising global confidence in the Nigerian economy, boosted by recent national reforms. He linked the enthusiastic response to the oversubscription of the Federal Government’s Eurobond and the private sector’s continued trust in Lagos State’s growth vision.
“This is a reflection of the global confidence in Nigeria’s economy fostered by the bold reforms initiated by President Bola Ahmed Tinubu,” the Governor said. “For Lagos, it speaks to our resilience and the unwavering support of our private sector partners who believe in our vision of building Africa’s model megacity.”
Sanwo-Olu reaffirmed his administration’s commitment to prudent fiscal management, accountability and sustained transparency, adding that Lagos remains focused on its ambition to become a global financial hub.
Proceeds from the bond issuances will fund critical projects under the state’s THEMES+ Agenda, targeting priority sectors including transportation, healthcare, education and environmental sustainability. According to the government, the funded projects will enhance quality of life, expand infrastructure, and strengthen Lagos’ economic resilience.
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