Lagos State Governor, Babajide Sanwo-Olu, on Thursday said the remarkable performance of the state’s latest bond issuances reflects deep global confidence in Lagos’ economy, governance and long-term development vision.
Speaking at the signing ceremony for the state’s Series III Green Bond and Series IV Conventional Bond, the governor said the scale of investor interest demonstrated strong trust in the state’s fiscal discipline and commitment to sustainable growth.
“The performance of our green bond is not just a financial milestone; it is a manifestation of global confidence in Lagos,” Sanwo-Olu stated.
“This transaction speaks to our credibility, our preparedness, and our shared aspiration to build a resilient and sustainable city.”
Lagos received a total bid book of ₦339 billion, massively exceeding expectations. The ₦14.815 billion Series III Green Bond attracted ₦29.29 billion in bids, while the ₦200 billion Series IV Conventional Bond drew ₦310.06 billion.
The state activated its green-bond option to raise ₦230 billion, marking the largest sub-national bond issuance in Sub-Saharan Africa. The green bond also made history as Nigeria’s first-ever sub-national green bond, positioning Lagos as a leader in climate-resilient financing.
Sanwo-Olu noted that the oversubscription demonstrated confidence in Lagos’ economic trajectory under the T.H.E.M.E.S+ Agenda, adding: “These results show trust—trust in our governance, trust in our transparency, and trust in our development trajectory.”
He assured residents that the funds would be used to deliver critical infrastructure in transportation, housing, healthcare, education, environmental sustainability and urban renewal, promising transparency and accountability in implementation.
The governor thanked President Bola Tinubu, federal agencies, the Lagos State House of Assembly and technical partners for supporting the process. He also revealed that he recently received the Time Africa Impact Personality of the Year Award at the G20 Africa Impact Summit in Johannesburg, saying the recognition reflects Lagos’ rising global relevance.
The Commissioner for Finance, Abayomi Oluyomi, described the green bond issuance as a landmark for Nigeria’s capital market, noting that it complies with international certification standards under the Climate Bonds Initiative.
He said the bond would finance SDG-aligned projects, including solar installations, healthcare upgrades, education infrastructure, food security initiatives and transportation improvements.
Oluyomi confirmed that the Series IV Conventional Bond successfully raised ₦230 billion and explained that investor appetite indicates Lagos could comfortably raise ₦300 billion to ₦500 billion in future issuances if regulatory ceilings permit. He attributed the success to the leadership of Sanwo-Olu and Deputy Governor Obafemi Hamzat, the Lagos State House of Assembly, federal institutions, advisers, issuing houses, trustees, custodians, stockbrokers and rating agencies.
The United Kingdom also lauded the issuance. Representing the UK Deputy High Commissioner, Temilola Akinrinade, Private Sector Development Adviser at the Department for International Development (DFID), said Lagos and Nigeria “should be incredibly proud” of the milestone.
She said the signing follows years of collaboration between the UK Government, Lagos State and Financial Sector Deepening Africa (FSDA), which supported the green bond framework and project pipeline.
Akinrinade noted that the world is rapidly shifting toward climate-compatible financing, and green bonds offer affordable funding for resilient, sustainable economic growth. She highlighted the UK’s role in supporting three federal sovereign green bonds and backing major projects such as the Lagos Free Zone through a ₦53 billion InfraCredit guarantee.
She added that the strong oversubscription sends a powerful message globally—that sub-national governments can raise capital at scale, attract strong investor demand, and issue credible green instruments. “This creates real opportunities to mobilise capital for climate-resilient growth,” she said.
