Sanwo-Olu Unveils ₦214.8bn Bond Plan, Woos Private Investors

Lagos State Governor, Babajide Sanwo-Olu, has called on private sector players to deepen their collaboration with his administration as the state launches a fresh ₦214.8 billion bond issuance programme aimed at funding critical infrastructure.

Speaking at an Investor Forum in Lagos, the governor announced the rollout of a maiden ₦14.8 billion Green Bond and a ₦200 billion conventional bond, both under the state’s ambitious ₦1 trillion Debt and Hybrid Instruments Issuance Programme.

Sanwo-Olu assured stakeholders of the state’s fiscal discipline and credibility, noting that Lagos has consistently demonstrated the capacity to deliver on large-scale projects when adequately supported.

“There are enormous opportunities for sustainable growth in Lagos. With additional funding, we can achieve much more. Inflation and rising costs will remain a challenge, but every naira invested today secures tomorrow’s progress,” he said.

The governor also stressed Lagos’ tradition of governance continuity, pointing out that successive administrations had built on past achievements to entrench stability and investor confidence.

Commissioner for Finance, Mr. Abayomi Oluyomi, reinforced this message, reminding investors that Lagos had established a solid track record since its first foray into the bond market in 1987.

“We are not new to the market. Lagos has earned a reputation for prudent debt management and judicious use of bond proceeds for intended purposes,” Oluyomi stated.

On his part, Chairman of the Lagos State House of Assembly Committee on Finance, Mr. Femi Saheed, pledged legislative backing for the initiative. He assured investors that the Assembly would provide oversight to ensure transparency and accountability in project execution.

According to details shared at the forum, the ₦14.8 billion Green Bond, with a five-year tenure, will finance climate-focused projects aligned with the United Nations Sustainable Development Goals (SDGs).

The ₦200 billion conventional bond, with a 10-year tenure, is earmarked to fund 24 strategic projects spanning transportation, waterfront development, healthcare, housing, and agriculture, all designed to improve living standards in the state.