The Lagos State Government has raised N445bn from the capital market through two bond issuances to fund infrastructure projects across the state.
Governor Babajide Sanwo-Olu disclosed this on Wednesday at the 30th Annual Stockbrokers’ Conference in Victoria Island, Lagos.
According to him, the state raised N230bn through conventional and green bonds in November 2025, the highest sub-national bond issuance at the time. He said another N215bn was raised last month after investors oversubscribed the N200bn the state had targeted.
“Last November, Lagos raised the highest sub-national bond at N230bn in conventional and green bonds. Some of the proceeds of these bonds are products of many projects people see today in Lagos,” he said.
“Last month, we closed another bond where we wanted to raise about N200bn from the capital market. But we exceeded the subscription, pushing us to raise N215bn.”
The governor said the proceeds had been deployed to projects including the extension of the Lagos Rail Mass Transit Blue Line from Okokomaiko to Trade Fair, the Ojo Specialist Hospital and the New Massey Children’s Hospital.
He explained that the Blue Line extension would add four stations, while the bond proceeds were also being used to complete and equip the 280-bed Ojo Specialist Hospital, including accommodation for medical personnel. The 180-bed New Massey Children’s Hospital is also benefiting from the funds, he added.
Sanwo-Olu further said the state was building the Omu Creek Bridge in Sangotedo to open up investment opportunities in an area with about 5,000 hectares of uncultivated land.
Speaking on the growth of the capital market, he said its market capitalisation had risen from N32tn to over N160tn in four years, and projected that it would reach N200tn by the first quarter of 2027.
The governor noted that Lagos had benefited significantly from the expansion of the market, but urged stakeholders to make its resources more accessible to other sub-national governments to promote balanced development nationwide.
He also called for the adoption of innovative financial products, including tokenisation, to attract young technology-driven entrepreneurs and widen investor participation.
Sanwo-Olu pledged the state government’s support for the N5bn endowment fund initiated by the Chartered Institute of Stockbrokers to train people in the skills needed to drive the digitisation of the capital market.
Earlier, the 14th President and Chairman of the Governing Council of the Institute, Dr Fiona Ahimie, said the conference theme, “From Capital Mobilised to Prosperity Realised: Financing Nigeria’s Next Era of Growth and Global Competitiveness”, challenged stakeholders to assess the economic and social impact of funds raised through the capital market.
She added that a developed capital market was essential to economic growth because it connects investors with businesses and institutions that need long-term funding for productive activities.
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