Lagos State has announced the conclusion of the bookbuild for its landmark ₦200 billion bond issuance, with a 55 per cent oversubscription. 

A statement by the Commissioner for Finance, Yomi Oluyomi, noted that the offer has recorded an overwhelming reception from the investment community.

Oluyomi said the ₦14.8 billion Green Bond was also significantly oversubscribed.

The conventional bond, which is the largest ever issued by a non-corporate sub-national in Nigeria’s history, attracted subscriptions totalling ₦310 billion, representing a 55 per cent oversubscription above the initial offer.

Lagos State is the first sub-national government to issue an impact climate bond.

The Green bond attracted ₦29.29% billion – 97.7% more than the target.

Excited about the feats, Governor Babajide Sanwo-Olu said, “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.

“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.

“We shall continue to ensure prudent financial management, accountability, and fiscal transparency as we continue to provide a conducive environment for businesses to grow. Our dream is to make Lagos a global financial hub; we will keep our eyes on the ball.”

Proceeds from the bonds are earmarked to fund critical projects across the State, directly aligned along the line of the THEMES+ Agenda of the Governor, Babajide Olusola Sanwo-Olu.

“The projects will focus on vital areas such as transportation, healthcare, education, and environmental sustainability, all aimed at significantly improving the livelihood and well-being of all Lagosians and securing a more prosperous and resilient future for the state”, the statement added.