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In this issue

Lagos’ Record Bond Success Signals Investor Confidence
Lagos State’s latest foray into the capital market delivers a powerful message about investor confidence in Nigeria’s economic direction and the state’s governance credibility. The ₦200 billion conventional bond — the largest ever issued by a non-corporate sub-national — was oversubscribed by an impressive 54%, while the ₦14.8 billion Green Bond drew almost double its target. This level of demand reflects both market liquidity and strong trust in Lagos’ fiscal discipline, credit profile, and long-term development agenda.
More importantly, the state’s pioneering Green Bond underscores its strategic shift toward climate-aligned financing at a time global investors prioritize sustainability. Governor Babajide Sanwo-Olu’s commitment to prudent management and transparency will be crucial as Lagos positions itself as a future financial hub.
What matters now is disciplined deployment. With proceeds earmarked for transportation, healthcare, education, and environmental projects under the THEMES+ Agenda, Lagos has an opportunity to convert investor enthusiasm into tangible improvements for residents. Delivery, not fundraising, will ultimately define the success of this landmark issuance.