Lagos rolls out ₦214.8bn Bond to fund 24 major Infrastructure Projects

Lagos State Governor, Babajide Sanwo-Olu, has appealed to private sector investors to sustain their partnership with his administration as the state unveils a new ₦214.8 billion bond issuance plan to drive critical infrastructure projects.

Speaking at an Investor Forum in Lagos, Sanwo-Olu outlined the issuance of a maiden ₦14.8 billion Green Bond and a ₦200 billion conventional bond, both under the state’s ambitious ₦1 trillion Debt and Hybrid Instruments Issuance Programme.

The governor assured investors of Lagos State’s financial credibility, stressing that the government has consistently demonstrated capacity to deliver on large-scale infrastructure when adequately supported.

“There are enormous opportunities for sustainable growth in Lagos. With additional funding, we can achieve much more. Inflation and rising costs will remain a challenge, but every naira invested today secures tomorrow’s progress,” Sanwo-Olu said.

He also underscored Lagos’ tradition of governance continuity, noting that successive administrations have built on past successes to guarantee stability and investor confidence.

In his remarks, the Commissioner for Finance, Mr. Abayomi Oluyomi, highlighted Lagos’ track record of fiscal responsibility since it first entered the bond market in 1987.

“We are not new to the market. Lagos has earned a reputation for prudent debt management and judicious use of bond proceeds for intended purposes,” Oluyomi affirmed.

The Chairman, Lagos State House of Assembly Committee on Finance, Mr. Femi Saheed, pledged the legislature’s full support for the initiative, assuring investors that the Assembly would monitor project execution to ensure transparency and accountability.

According to details presented at the forum, the ₦14.8 billion Green Bond, with a five-year tenure, will finance climate-focused projects aligned with global Sustainable Development Goals (SDGs).

The ₦200 billion conventional bond, with a 10-year tenure, will fund 24 major projects across transportation, waterfront development, healthcare, housing, and agriculture, all designed to improve the quality of life for Lagos residents.