The Lagos State Government has disclosed that its N200 billion conventional bond, issued early November 2025, recorded 55 per cent oversubscription, with total bids reaching N310 billion.
The state, in an update shared on its X handle, also disclosed that its N14.8 billion Green Bond drew significant demand, ending with 97.7 per cent oversubscription at N29.29 billion.
The state government noted that the Green Bond, intended to support climate-related projects, is the first of its kind issued by a sub-national government in Nigeria.
The conventional bond, the government added, is the largest ever issued by a non-corporate sub-national in the country.
Funds raised from both bonds are expected to go into projects under the THEMES+ Agenda, covering areas such as transportation, healthcare, education, and environmental sustainability.
According to the state, these projects are aimed at improving public services and supporting long-term development across Lagos.
The statement quoted the governor, Babajide Sanwo-Olu, to have, in a response, stated that the level of investor interest mirrors broader market confidence.
He linked it to recent trends in the country’s financial environment, noting that “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 explained that Lagos’ own performance is supported by the state’s long-term planning and the role of private-sector partners. “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,” he said.
The governor added that the government intends to maintain its stated financial standards as it moves forward.
“We shall continue to ensure prudent financial management, accountability, and fiscal transparency as we continue to provide a conducive environment for businesses to grow,” he said.
He also noted that the administration is still pursuing its ambition of positioning Lagos in the global financial landscape.
Earlier this month, the Lagos State Government returned to Nigeria’s domestic debt market, aiming to raise up to N200 billion as part of its N1 trillion Debt and Hybrid Instruments Issuance Programme to fund infrastructure projects.
The 10-year bond opened for subscription on Thursday, November 6, 2025, with a price range of 16.15% to 16.25%, according to documents from lead issuing house Chapel Hill Denham Advisory Services Limited.
Lagos holds strong credit ratings, Aa- from Agusto & Co. and AA- from GCR Ratings, reflecting its solid revenue base, diversified economy, and disciplined spending.
