Infrastructure Devt: Sanwo-Olu unveils ₦214.8bn bond, seeks investor support

By Olasunkanmi Akoni

Lagos State Governor, Babajide Sanwo-Olu, has announced plans for the issuance of a maiden ₦14.8 billion Green Bond and a ₦200 billion conventional bond, both under the state’s ₦1 trillion Debt and Hybrid Instruments Issuance Programme.

Speaking at an Investor Forum in Lagos on Friday, Sanwo-Olu urged private sector investors to support his administration’s infrastructure development drive, which aims to finance critical projects across the state.

The governor assured stakeholders of Lagos’ financial credibility, stressing that the state has the track record and capacity to deliver on key infrastructure projects if adequately funded.

“There are enormous opportunities in Lagos for sustainable growth. With more funding, we can do a lot more. Inflation and rising costs will always be a factor, but your investment today secures tomorrow’s progress,” Sanwo-Olu said.

He emphasized Lagos’ tradition of continuity, where successive administrations build on past achievements, and reiterated the security of investor funds.

Commissioner for Finance, Mr. Abayomi Oluyomi, highlighted Lagos’ longstanding fiscal responsibility, noting that since the state first entered the bond market in 1987, it has maintained a consistent record of debt repayment and project delivery.

“We are not new to the market. We have a solid reputation for managing our debt obligations responsibly and using the proceeds for their intended purposes,” Oluyomi said.

Chairman of the Lagos State House of Assembly Committee on Finance, Mr. Femi Saheed, pledged the legislature’s full support for the bond issuance, assuring investors that the House would monitor all funded projects to ensure transparency and accountability.

According to details shared at the forum, the ₦14.8 billion green bond will run for five years and will be invested in environmentally focused, climate-impact projects aligned with the United Nations Sustainable Development Goals (SDGs).

The ₦200 billion conventional bond, with a 10-year tenure, will finance 24 large-scale projects across key sectors including transportation (rail and road networks), waterfront development, affordable housing, healthcare facilities, and agro-produce hubs, among others.

The initiative is part of the Lagos State Government’s broader strategy to attract private capital into public infrastructure and sustain its position as Nigeria’s leading sub-national economy.

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