Lagos bond captured far more attention than expected, marking a milestone in Nigeria’s domestic debt market.
In early November 2025, the state returned with a ₦200 billion conventional bond as part of its ₦1 trillion Debt and Hybrid Instruments Programme.
Lagos Bond Captures Investor Attention
Investors responded enthusiastically, bidding ₦310 billion—55% more than the initial target—demonstrating their strong confidence in Lagos.
Meanwhile, the ₦14.8 billion Green Bond attracted remarkable demand, with bids reaching ₦29.29 billion, nearly doubling its target.
Green Bond Drives Climate Funding
Notably, Lagos became the first sub-national government in Nigeria to issue a Green Bond, aiming to finance climate-focused projects.
These funds will actively support the THEMES+ Agenda, advancing transport, healthcare, education, and environmental sustainability initiatives across the state.
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Governor Babajide Sanwo-Olu highlighted that the outcome reflected both investor confidence in Lagos and growing trust in Nigeria’s economy.
Confidence Fuels Lagos growth
“This shows global confidence in our country’s reforms and Lagos’ strategic vision,” he said, emphasising that private-sector partnerships and long-term planning drove the success.
He further stressed that the government will maintain fiscal discipline, transparency, and accountability while fostering a business-friendly environment for sustainable growth.
The 10-year bond, which opened on November 6 at 16.15%–16.25%, closed on November 13 with strong participation from investors.
With strong credit ratings—Aa- from Agusto & Co. and AA- from GCR Ratings—Lagos actively positions itself as a resilient financial hub.
Overall, the bond programme signals investor trust and the state’s ambition to lead Africa in sustainable development and economic innovation.
