The Lagos State Government has raised ₦445 billion through two bond issuances to finance infrastructure development and major projects across the state.
Governor Babajide Sanwo-Olu disclosed this on Wednesday at the 30th Annual Stockbrokers’ Conference held in Victoria Island, Lagos.
He said the state raised ₦230 billion through conventional and green bonds in November 2025, recording the highest sub-national bond issuance at the time.
Sanwo-Olu added that Lagos raised another ₦215 billion last month after investors oversubscribed the state’s initial ₦200 billion target.
“Last November, Lagos raised the highest sub-national bond at N230bn in conventional and Green bonds. Some of the proceeds of these bonds are products of many projects people see today in Lagos,” the governor said.
“Last month, we closed another bond where we wanted to raise about N200 billion from the capital market. But we exceeded the subscription, pushing us to raise N215bn,” he added.
Lagos Deploys Bond Proceeds To Infrastructure Projects
Sanwo-Olu said the state had deployed proceeds from the bond issuances to finance several infrastructure projects.
These include the extension of the Lagos Rail Mass Transit Blue Line from Okokomaiko to Trade Fair, the Ojo Specialist Hospital and the New Massey Children’s Hospital.
According to the governor, the Blue Line extension will add four stations to the existing rail network.
He also said the bond proceeds were supporting the completion and equipping of the 280-bed Ojo Specialist Hospital, including accommodation facilities for medical personnel.
The 180-bed New Massey Children’s Hospital is also benefiting from the financing.
Sanwo-Olu further disclosed that the state was constructing the Omu Creek Bridge in Sangotedo to unlock investment opportunities in an area with approximately 5,000 hectares of uncultivated land.
Sanwo-Olu Projects Capital Market Growth To ₦200tn
Speaking on the capital market’s performance, the governor said its market capitalisation had increased from ₦32 trillion to more than ₦160 trillion within four years.
He projected that the market would reach ₦200 trillion by the first quarter of 2027.
Sanwo-Olu said Lagos had benefited significantly from the market’s expansion but urged stakeholders to make its resources more accessible to other state governments.
He said broader access to capital market financing would support balanced development across Nigeria.
The governor also called for innovative financial products, including tokenisation, to attract young technology-driven entrepreneurs and expand investor participation.
Lagos Backs ₦5bn Capital Market Endowment Fund
Sanwo-Olu pledged the Lagos State Government’s support for the ₦5 billion endowment fund initiated by the Chartered Institute of Stockbrokers.
The fund aims to train people in the skills and knowledge required to drive the digitisation of Nigeria’s capital market.
Earlier, the 14th President and Chairman of the Institute’s Governing Council, Dr Fiona Ahimie, said the conference theme was designed to encourage discussions on how capital mobilisation could translate into economic and social prosperity.
The theme was, “From Capital Mobilised to Prosperity Realised: Financing Nigeria’s Next Era of Growth and Global Competitiveness.”
Ahimie said a developed capital market remained essential to economic growth because it connects investors with businesses and institutions seeking long-term funding for productive activities.
