On Friday, Governor Babajide Sanwo-Olu called on private investors to actively participate in advancing Lagos State’s infrastructure agenda, unveiling a fresh bond initiative designed to fund essential development projects throughout the state.
During an investors’ gathering in Lagos, the governor outlined plans to issue an inaugural ₦14.8 billion green bond alongside a ₦200 billion conventional bond, both components of the state’s ambitious ₦1 trillion Debt and Hybrid Instruments Issuance Programme.
Governor Sanwo-Olu emphasized Lagos State’s strong financial standing and steadfast dedication to progress, assuring investors that the state possesses the expertise and proven ability to successfully execute major infrastructure ventures when provided with adequate capital.
“Lagos offers vast potential for sustainable advancement. Increased investment will enable us to achieve even greater milestones. While inflation and cost pressures persist, your commitment today paves the way for future development,” he remarked.
Highlighting the state’s legacy of consistent governance, the governor pointed out how each administration has built upon the foundations laid by its predecessors, reinforcing the security and reliability of investor contributions.
Finance Commissioner Abayomi Oluyomi underscored Lagos’s history of prudent fiscal management.
He recalled that Lagos first tapped into the bond market in 1987 and has since upheld a strong track record of timely debt servicing and project completion.
“Our experience in the bond market is extensive. We have earned a reputation for responsibly handling our financial commitments and ensuring funds are allocated as intended,” Oluyomi stated.
Mr. Femi Saheed, Chairman of the Lagos State House of Assembly Committee on Finance, voiced the legislature’s unwavering support for the bond issuance.
He pledged that the House would rigorously oversee all projects financed by the bonds to guarantee transparency and accountability throughout their implementation.
According to the forum’s briefing, the ₦14.8 billion green bond will span five years and focus exclusively on finance/” title=”Redefining Africa's Role: A Bold New Vision for Its Place in the Global Financial System by Frank Aigbogun”>environmentally sustainable projects that align with international Sustainable Development Goals (SDGs).
The ₦200 billion conventional bond, with a 10-year maturity, is earmarked for 24 major initiatives across diverse sectors.
These projects encompass transportation networks including railways and roadways, waterfront revitalization, affordable housing developments, healthcare infrastructure, agricultural production centers, and other transformative efforts aimed at elevating the quality of life for Lagos residents.
