Sanwo-Olu Unveils N214.8bn Bond to Power Lagos Infrastructure & Green Projects
Governor Babajide Sanwo-Olu has called on investors to back Lagos State’s ambitious infrastructure drive through its newly launched ₦214.8bn bond issuance.
Key Highlights:
• The Programme: Part of Lagos’ ₦1 trillion Debt & Hybrid Instrument Issuance Programme.
• Bond Structure:
• ₦200bn, 10-year bond → funding 24 infrastructure projects across 9 MDAs (housing, health, transport, agriculture, environment, innovation & science/tech).
• ₦14.8bn Green Bond → Nigeria’s first-ever subnational green bond, financing renewable energy, climate change adaptation, sustainable water & waste management.
• Investor Confidence:
• Lagos boasts a debt-service-to-revenue ratio of 19.2%.
• Strong ratings: A1+ (local) & AAA (Fitch).
• Track record: First Nigerian subnational to issue a bond (₦30m in 1987).
️ What They Said:
• Sanwo-Olu:
“There are enormous opportunities in Lagos for sustainable growth. Inflation and rising costs will always be factors, but your investment today secures tomorrow’s progress.”
• Commissioner of Finance, Abayomi Oluyomi:
“Investors want more than returns—they want impact. Social, diaspora, and environmental bonds are now at the centre of our strategy.”
• Bolaji Balogun (Chapel Hill Denham):
“Lagos continues to lead the way in Nigeria and Africa in innovative financing.”
️ Why It Matters:
• Lagos’ 2025 budget: ₦3.37tn, with ₦398.66bn earmarked for infrastructure—much of it dependent on debt financing.
• With a fast-growing population & economy, Lagos is positioning itself as Africa’s financial & sustainable development hub.
• The bond sale is expected to close in ~5 days, with proceeds delivered within 15–20 days.
Governor Babajide Sanwo-Olu has called on investors to back Lagos State’s ambitious infrastructure drive through its newly launched ₦214.8bn bond issuance.
Key Highlights:
• The Programme: Part of Lagos’ ₦1 trillion Debt & Hybrid Instrument Issuance Programme.
• Bond Structure:
• ₦200bn, 10-year bond → funding 24 infrastructure projects across 9 MDAs (housing, health, transport, agriculture, environment, innovation & science/tech).
• ₦14.8bn Green Bond → Nigeria’s first-ever subnational green bond, financing renewable energy, climate change adaptation, sustainable water & waste management.
• Investor Confidence:
• Lagos boasts a debt-service-to-revenue ratio of 19.2%.
• Strong ratings: A1+ (local) & AAA (Fitch).
• Track record: First Nigerian subnational to issue a bond (₦30m in 1987).
️ What They Said:
• Sanwo-Olu:
“There are enormous opportunities in Lagos for sustainable growth. Inflation and rising costs will always be factors, but your investment today secures tomorrow’s progress.”
• Commissioner of Finance, Abayomi Oluyomi:
“Investors want more than returns—they want impact. Social, diaspora, and environmental bonds are now at the centre of our strategy.”
• Bolaji Balogun (Chapel Hill Denham):
“Lagos continues to lead the way in Nigeria and Africa in innovative financing.”
️ Why It Matters:
• Lagos’ 2025 budget: ₦3.37tn, with ₦398.66bn earmarked for infrastructure—much of it dependent on debt financing.
• With a fast-growing population & economy, Lagos is positioning itself as Africa’s financial & sustainable development hub.
• The bond sale is expected to close in ~5 days, with proceeds delivered within 15–20 days.