Lagos State has continued its long-standing engagement with the capital market with the launch of a new ₦200 billion bond, aimed at financing key infrastructure projects across the state.
Since issuing its first ₦15 billion floating-rate bond in 2002—the first by any subnational government in Nigeria—Lagos has consistently leveraged the market to support major development initiatives.
Previous issuances include an ₦80 billion bond in 2012, the ₦87.5 billion Series II bond in 2017, and the ₦137.3 billion bond in 2020, all part of multi-series programmes designed to enhance infrastructure investment and bridge funding gaps.
Notably, all prior bonds were either fully repaid or remain performing, reinforcing Lagos’ credibility among domestic investors and institutions.
The latest bond is expected to fund ongoing projects in transportation networks, housing schemes, renewable energy, and social infrastructure.
Analysts note that the state’s competitive pricing and strong fiscal base are likely to attract significant investor interest, highlighting both Lagos’ continued growth ambitions and the increasing sophistication of Nigeria’s subnational debt market.
