Lagos launches N214.8bn infrastructure bond, with Sanwo-Olu urging private investors to support sustainable development and critical urban projects
Lagos launches N214.8bn infrastructure bond as Governor Babajide Sanwo-Olu calls on private investors to support the state’s ambitious development agenda aimed at meeting the demands of a fast-growing urban population.
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Speaking at the Investor Forum for the Series III Green Bond and Series IV Bond under the ₦1 trillion Debt and Hybrid Instrument Issuance Programme, Sanwo-Olu reaffirmed Lagos State’s long-standing credibility and capacity to deliver on critical infrastructure.
“There are enormous opportunities in Lagos for sustainable growth,” he said. “With more funding, we can do a lot more.
Your investment today secures tomorrow’s progress.”
The newly launched ₦214.8 billion bond programme is split into two key offerings: a ₦200 billion 10-year bond designated for 24 infrastructure projects across nine ministries and departments, and a ₦14.8 billion green bond, the first ever issued by a sub-national government in Nigeria.
The projects span key sectors including housing, healthcare, transportation, innovation, environment, agriculture, and technology—areas Sanwo-Olu says are central to Lagos’s long-term development vision.
Lagos launches N214.8bn infrastructure bond not just as a financial instrument but as a vehicle for sustainable and inclusive urban transformation.
Commissioner for Finance, Mr Abayomi Oluyomi, explained that the bonds reflect the state’s strategic shift towards impact-driven financing, combining economic returns with measurable social and environmental outcomes.
“The financial world is shifting. Investors want more than profits—they want to fund education, healthcare, and climate action,” he said. “Lagos is aligning with this future.”
Highlighting transparency, Oluyomi said Lagos would improve communication on how every borrowed kobo is applied, building investor confidence in the process.
The green bond proceeds are earmarked for renewable energy, sustainable water systems, and climate change adaptation projects, showing Lagos’s commitment to environmental stewardship.
Chief Executive of Chapel Hill Denham, Mr Bolaji Balogun, praised Lagos for once again setting the pace.
“Lagos is not just a Nigerian leader—it’s a continental leader in structured finance,” Balogun stated. He confirmed the bonds would be open for five days and expected to close within three weeks.
He also revealed Lagos’s strong credit standing, with a debt-service-to-revenue ratio of 19.2%, and affirmed A1+ and AAA ratings from local and international agencies.
Lagos launches N214.8bn infrastructure bond at a time when the state’s 2025 budget allocates nearly ₦400 billion to critical infrastructure, reflecting a strategic blend of internal revenue and external funding mechanisms.
Sanwo-Olu’s message to investors was clear: “Lagos has the track record, vision, and stability to ensure that your investment delivers real and lasting impact.”
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As the city continues to evolve into a megacity of the future, this latest bond issuance reinforces Lagos’s status as Nigeria’s financial and developmental trailblazer.
