Gov. Babajide Sanwo-Olu of Lagos says the outstanding performance of the state’s latest bond issuances demonstrates global confidence in the state’s economy, governance structure and long-term development strategy.
At the signing of the state’s Series III Green Bond and Series IV Conventional Bond, on Thursday in Lagos, Sanwo-Olu said the strong investor demand underscored the reputation of Lagos for stability and sustainable growth.
“The overwhelming subscription we received is a vote of confidence in our fiscal discipline, our economic strength and our commitment to environmental sustainability under the THEMES Plus development agenda.”
He gave the assurance that the funds would be channelled into critical projects in transport, housing, healthcare, education, environmental sustainability and urban renewal.
Sanwo-Olu thanked President Bola Tinubu, Federal Ministry of Finance, Debt Management Office, Securities and Exchange Commission, National Pension Commission, Lagos State House of Assembly, Lagos State Executive Council and technical partners for support.
“This bond success reinforces our credibility and the trust our partners have in Lagos.
“We will ensure every Naira raised delivers value for our people,” he said.
The state Commissioner for Finance, Mr Abayomi Oluyomi, described the N14.815 billion green bond issuance as a landmark in Nigeria’s capital market.
He said the bond met all international certification standards under the Climate Bonds Initiative and would support Sustainable Development Goals-focused projects.
“These funds will deliver healthcare upgrades, solar energy solutions, improved education infrastructure, strengthened food security systems and an expanded urban transportation network.
“This issuance sets a new benchmark for subnational green financing in Nigeria and shows the commitment of Lagos to global best practices,” he said.
The United Kingdom also commended the Lagos State’s milestone.
Representing the UK Deputy High Commissioner, Private Sector Development Adviser at the Department for International Development, Temilola Akinrinade, said that the feat was laudable.
She said that Lagos State and the entire Nigeria should be proud of the achievement which, she said, reflected strong investor confidence.
