Lagos State has unveiled Africa’s largest sub-national bond, totaling N214.8 billion, including a N14.815 billion Green Bond—the first environmental sustainability bond issued by any sub-national government in Nigeria—and a N200 billion conventional bond to fund 24 infrastructure projects across key sectors such as housing, health, transport, environment, and innovation.
Speaking at the investor forum, Governor Babajide Sanwo-Olu highlighted Lagos’ strong financial credibility and capacity to deliver on projects, urging private investors to partner in driving sustainable growth. “With more funding, we can do a lot more. Your investment today secures tomorrow’s progress,” he said.
The Green Bond proceeds will support renewable energy, climate adaptation, and sustainable water management initiatives, reinforcing Lagos’ commitment to environmentally responsible development. CEO of Chapel Hill Denham, Bolaji Balogun, noted the state’s stellar track record in capital markets, including over $3.1 billion in bonds issued over 17 years and strong credit ratings, boosting investor confidence.
The bonds will be launched next week, open for approximately five days, and are expected to channel much-needed funds into critical projects while promoting sustainable investment opportunities in Lagos State.
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