Lagos raises N445bn for infrastructural projects

Lagos State Government has raised a total of N445 billion through two bond issuances in the capital market to finance major infrastructure and development projects across the state.

Governor Babajide Sanwo-Olu disclosed this on Wednesday during the 30th Annual Stockbrokers’ Conference in Victoria Island, Lagos.

The Governor explained that the State raised N230 billion through conventional and green bonds in November 2025, making it the largest sub-national bond issuance at the time.

He added that the government successfully raised another N215 billion last month after investors oversubscribed its initial N200 billion target.

According to Sanwo-Olu, the strong investor response demonstrated confidence in Lagos State and its ability to attract funding from the capital market.

He said the funds generated from the bond issuances were being channelled into critical infrastructure projects aimed at improving transportation, healthcare and economic activities across the state.

Among the projects benefiting from the funds is the extension of the Lagos Rail Mass Transit Blue Line from Okokomaiko to Trade Fair, which is expected to include four additional stations.

The Governor also disclosed that the proceeds were being used to complete and equip the 280-bed Ojo Specialist Hospital, including the provision of accommodation for medical personnel.

The 180-bed New Massey Children’s Hospital is also benefiting from the funds raised through the bond issuances.

Sanwo-Olu further revealed that the State Government was constructing the Omu Creek Bridge in Sangotedo to open up investment opportunities in the area, which has approximately 5,000 hectares of uncultivated land.

Speaking on developments in Nigeria’s capital market, the governor noted that its market capitalisation had increased from N32 trillion to more than N160 trillion within four years.

He expressed optimism that the market could reach N200 trillion by the first quarter of 2027.

While acknowledging the benefits Lagos State had gained from the expansion of the capital market, Sanwo-Olu urged stakeholders to make its financial resources more accessible to other state governments.

He said improving access to capital market funding would enable more sub-national governments to finance development projects and promote balanced economic growth across the country.

The Governor also advocated the introduction of innovative financial products, particularly tokenisation, to attract young technology-driven entrepreneurs and encourage wider participation in the investment market.