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Lagos Signs ₦244.8bn Series III and IV Bonds to Fund Major Infrastructure Projects
Lagos State has signed ₦244.8bn in Series III and IV bonds — the largest sub-national issuance in Nigeria — to finance key projects including rail expansion, Lekki–Epe Airport Road, housing, healthcare upgrades, solar schools and agro-produce hubs. Commissioner Abayomi Oluyomi says the green bond meets global standards.
The Lagos State Government has finalized the signing of a ₦14.815 billion 16.00% Series III Green Bond and a ₦230 billion 16.25% Series IV Bond under its ₦1 trillion debt and hybrid instruments issuance programme.
The signing event, held on Thursday in Victoria Island, was attended by Governor Babajide Sanwo-Olu, members of the State House of Assembly, the State Executive Council, permanent secretaries, and key players in the investment sector.
Commissioner for Finance, Abayomi Oluyomi, described the bond issuance as the largest ever undertaken by Lagos State and the biggest by any sub-national entity in Nigeria. He announced that the Series III Green Bond is the first such issuance by a state government in the country.
Oluyomi explained that the green bond was validated by the Climate Bonds Initiative (CBI), meeting global environmental certification standards and following a rigorous project-selection process aligned with the UN Sustainable Development Goals.
He further stated that Lagos exceeded its fundraising target for the Series IV Bond, securing ₦230 billion instead of the planned ₦200 billion. Investor participation, he added, reflects strong confidence in the state’s economic direction and capital market outlook, noting that future issuances will target ₦300 billion, pending regulatory approval.
The funds raised will support several key infrastructure initiatives, including:
- Expansion of the Blue and Red Rail Lines
- Construction of the Lekki–Epe Airport Road
- Development of affordable housing estates
- Upgrading of healthcare facilities, including a proposed 280-bed hospital
- Installation of solar energy systems in public schools
- Creation of agro-produce hubs to boost food security
Oluyomi expressed appreciation for the support of the state government, federal agencies, advisers, issuing houses, legal teams, rating agencies, trustees, custodians, stockbrokers, and receiving banks involved in the process.
He reaffirmed Lagos State’s commitment to transparency, accountability, and responsible allocation of the funds, emphasizing that the proceeds would be used to drive infrastructure development, environmental sustainability, improved healthcare, enhanced education, and urban growth across the state.
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