Lagos, Nigeria – The Lagos State Government has reported overwhelming investor interest in its recent bond issuances, with both conventional and green bonds significantly oversubscribed.
According to an update on the state’s X (formerly Twitter) handle, the N200 billion conventional bond, issued in early November 2025, recorded 55% oversubscription, attracting total bids of N310 billion. Meanwhile, the N14.8 billion Green Bond, intended to fund climate-related projects, was 97.7% oversubscribed, drawing total bids of N29.29 billion.
The government highlighted that the Green Bond is the first of its kind issued by a sub-national government in Nigeria, while the conventional bond represents the largest ever issued by a non-corporate sub-national entity in the country.
Proceeds from both bonds are earmarked for projects under the THEMES+ Agenda, focusing on transportation, healthcare, education, and environmental sustainability, aimed at enhancing public services and supporting long-term development across Lagos State.
The strong response from investors underscores growing confidence in sub-national infrastructure financing and Lagos State’s capacity to deliver on its development priorities.
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