• Mon. May 29th, 2023

Lagos State Raises N134.8b Bond to Support Infrastructural Projects

ByJustice Godfrey Okamgba

May 24, 2023

The Lagos State government has successfully raised N134.8 billion in long-tenure bonds to support infrastructural projects, particularly in the electricity sector and other areas.

Governor Babajide Sanwo-Olu announced this achievement via his official Twitter account on Tuesday evening.

The funds raised will play a vital role in driving infrastructure development, stimulating economic growth, creating employment opportunities, and enhancing the quality of life for residents of Lagos.

This successful bond issuance demonstrates the resilience of the city and the confidence that investors have in its ability to responsibly utilize the funds for development purposes.

The government of Lagos expresses gratitude to the investors for their belief in the immense potential of the city and assures them of its commitment to transparency and prudent financial decision-making, all aimed at building a better Lagos for future generations.

N134.8b Bond for Infrastructure

Governor Sanwo-Olu further emphasized that the investment will have a positive impact on both the short-term and long-term development of key sectors within Lagos state

He wrote: “We have raised N134.8 billion in long-tenure bonds, marking another record in accessing capital market funds. This investment will fuel key infrastructure projects in sectors such as education, electricity, roads, and agriculture.

“Today, we signed the transaction instruments for the first sets of allotment in the N1 trillion Debt and Hybrid Issuance Programme. This includes a 10-year tenure bond and a Shariah-compliant Sukuk.

“With the proceeds from the bond and Sukuk, we will be executing various projects pre-inspected by the Securities and Exchange Commission.

This includes overhauling 33 public schools in Ajegunle, road infrastructure on the Lekki-Epe corridor, drainage works, and more.


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