The Lagos State Authorities says its bond issuance in early November 2025 attracted extra investor curiosity than anticipated.
In response to an replace shared on its X deal with, the N200 billion standard bond recorded 55% oversubscription, with whole bids reaching N310 billion.
The state additionally disclosed that its N14.8 billion Inexperienced Bond drew important demand, ending with 97.7% oversubscription at N29.29 billion.
Lagos famous that the Inexperienced Bond, meant to assist climate-related initiatives, is the primary of its variety issued by a sub-national authorities in Nigeria.
The traditional bond, the federal government added, is the most important ever issued by a non-corporate sub-national within the nation.
Funds raised from each bonds are anticipated to enter initiatives beneath the THEMES+ Agenda, overlaying areas reminiscent of transportation, healthcare, schooling, and environmental sustainability.
The state says these initiatives are geared toward bettering public companies and supporting long-term improvement throughout Lagos.
Governor’s feedback
Responding to the bond final result, Governor Babajide Sanwo-Olu mentioned the extent of investor curiosity mirrors broader market confidence.
He linked it to current traits within the nation’s monetary surroundings, noting that “it is a reflection of the worldwide confidence in Nigeria’s economic system, fostered by the daring reforms initiated by President Bola Ahmed Tinubu GCFR, as mirrored within the current oversubscription of the Federal Authorities’s Eurobond.”
He defined that Lagos’ personal efficiency is supported by the state’s long-term planning and the position of private-sector companions. “In Lagos, ours is a testomony to our resilience and the unwavering assist of our non-public sector companions who consider in our imaginative and prescient of constructing Africa’s mannequin megacity that’s secure, safe, and useful,” he mentioned.
Sanwo-Olu added that the federal government intends to preserve its acknowledged monetary requirements because it strikes ahead.
“We will proceed to make sure prudent monetary administration, accountability, and monetary transparency as we proceed to supply a conducive surroundings for companies to develop,” he mentioned.
He additionally famous that the administration continues to be pursuing its ambition of positioning Lagos within the international monetary panorama.
Backstory
In early November 2025, the Lagos State Authorities returned to Nigeria’s home debt market, aiming to boost as much as N200 billion as a part of its N1 trillion Debt and Hybrid Devices Issuance Programme to fund infrastructure initiatives.
The ten-year bond opened for subscription on Thursday, November 6, 2025, with a value vary of 16.15% to 16.25%, in keeping with paperwork from lead issuing home Chapel Hill Denham Advisory Companies Restricted.
Buyers had till Thursday, November 13, 2025, to point out how a lot they needed to purchase and at what value.
Lagos holds sturdy credit score scores—Aa- from Agusto & Co. and AA- from GCR Scores—reflecting its strong income base, diversified economic system, and disciplined spending.
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