Lagos State secured approximately 245 billion naira through two oversubscribed debt instruments, establishing records for sub-national financing in Nigeria. The western state issued a 230 billion naira conventional bond that attracted bids exceeding 310 billion naira, alongside Africa's first sub-national green bond worth nearly 15 billion naira that drew double its target amount. Governor Babajide Sanwo-Olu described the transactions as a validation of the administration's environmental commitments and fiscal management.
Proceeds will finance infrastructure upgrades across transportation, healthcare, education, and housing sectors, with plans for highway expansion, a 280-bed hospital, solar installations at schools, and affordable residential developments. Credit rating agencies awarded high marks to the issuances, citing the state's improved financial performance, which saw tax revenue climb to over 1 trillion naira while total operating income reached 2.34 trillion naira. The British High Commission noted the green bond framework resulted from extended collaboration between Lagos and the United Kingdom.
Proceeds will finance infrastructure upgrades across transportation, healthcare, education, and housing sectors, with plans for highway expansion, a 280-bed hospital, solar installations at schools, and affordable residential developments. Credit rating agencies awarded high marks to the issuances, citing the state's improved financial performance, which saw tax revenue climb to over 1 trillion naira while total operating income reached 2.34 trillion naira. The British High Commission noted the green bond framework resulted from extended collaboration between Lagos and the United Kingdom.
