Lagos Opens N200bn Bond for Subscription at 16.75%
Seeking to raise about N200 billion, Lagos State Government (LASG) has officially opened the Series 5 bond for investor subscription, investment firm Comercio Partners Capital Limited announced on Friday.
The state bond will have a 10-year tenor and a price between 16.50% and 16.75%. According to an investor update, the investment firm said Lagos is targeting up to N200 billion under the ₦1 trillion Debt and Hybrid Instruments Issuance Programme.
The bond offer will be executed through a book-building process and is scheduled to close on Friday, October 16, 2026. Lagos State is Nigeria’s commercial and economic hub, with a diverse and resilient economy contributing approximately 20% of the national GDP.
LASG has consistently demonstrated strong growth in internally generated revenue (IGR), supported by a broad tax base and limited dependence on federal transfers and allocations.
The State has averaged an IGR of more than 68% of its total revenue over the past three years. LASG also continues to lead the advancement and implementation of the National Sustainable Development Goals.
With a strong focus on infrastructure development, LASG is fostering economic growth and strengthening its financial capacity, enabling it to attract further capital. Lagos plans to use the proceeds from the Series 5 Bond to finance priority infrastructure projects across the State.
These projects include ongoing hospital construction under the Ministry of Health, the Lagos Metropolitan Area Transport Authority’s Blue Line rail development, and the Office of Infrastructure’s works on the Omu Creek Bridge. MTN, Aradel Selloffs Drag NGX Index, Investors Lost N1.33trn
