The N14.8 billion green bond issuance of the Lagos State government recorded an oversubscription of 97.7 per cent, attracting about N29.3 billion from investors.
The state government offered a N200 billion conventional bond and a N14.8 billion green bond to capital market investors. Both securities were significantly oversubscribed.
The conventional bond, which is the largest ever issued by a non-corporate sub-national in Nigeria’s history, attracted subscriptions totalling N308 billion, representing a 54 per cent oversubscription above the initial offer.
Lagos State is the first sub-national government to issue an impact climate bond.
Proceeds from these bonds are earmarked to fund critical projects across the state. They 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 Governor of Lagos State, Mr Babajide Sanwo-Olu, said the performance of the exercise “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,” Governor Sanwo-Olu added.