The Lagos State Governor, Babajide Sanwo-Olu, has said that his government has raised N134.8 billion in long-tenure bonds to boost “key infrastructure projects” in the state.
The bond, signed on Tuesday, is “the transaction instrument for the first sets of allotment in the N1 trillion debt and hybrid issuance programme,” a statement by the governor said late Tuesday.
“I am excited to share exciting news that will greatly boost the short and long term development of Lagos. We’ve 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 allotments in the N1 trillion debt and hybrid issuance programme. This includes a 10-year tenure bond and a shariah-compliant sukuk,” said Sanwo-Olu.
The governor added that his government would execute projects “pre-inspected” by the Securities and Exchange Commission with proceeds from the bond and sukuk.
He stressed that the investments, in addition to boosting infrastructure development in the state, would stimulate economic growth, create job opportunities, and enhance the quality of life of Lagosians.
“With the proceeds from the bond and Sukuk, we’ll 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.
“The investments we’ve secured will not only boost infrastructure development but also stimulate economic growth, create job opportunities, and enhance the quality of life for Lagos residents.
“This successful bond issuance demonstrates Lagos’ resilience and the trust investors have in our ability to judiciously deploy funds for development. I want to express my gratitude to the investors who believe in our tremendous potential,” Sanwo-Olu said, adding that “we remain committed to transparency and disciplined financial decisions as we build Greater Lagos for generations to come.”