Lagos Drop N214.8bn Bond For Roads And Climate

Lagos State don open book building for im dual bond offers: N200bn Series IV Bond plus N14.815bn Series III Green Bond under di N1tn Debt and Hybrid Instruments Issuance Programme. Di move na to boost infrastructure financing and push climate-resilient development for di state. According to Joint Issuing House, Afrinvest Securities Limited, di offers open from November 6, 2025, go close November 13, 2025. Dem biggest combined offering wey di state don ever do, structured as fixed-rate, semi-annual coupon wey go repay after 24-month moratorium. Di N200bn Bond go fund priority physical and social infrastructure projects, while di N14.815bn Green Bond, wey na di state first sustainability bond, go fund climate-resilient and environmentally sustainable projects like flood drainage, renewable energy, waste and water management, plus urban greening wey dey Lagos State Climate Action Plan (2021–2025). Dem follow ICMA Green Bond Principles (2021), certified by Climate Bonds Initiative (CBI), plus get Second-Party Opinion from Agusto & Co. to show say di bond legit and meet global standards.

Lagos State wey be Nigeria biggest economic hub dey contribute about 20% of di country GDP and IGR don rise 105% reach N2tn by December 31, 2024, showing say dem sabi tax and no too depend on federal allocations. Both bond tranches get Irrevocable Standing Payment Order (ISPO) and Consolidated Debt Service Account (CDSA) wey dey funded from IGR, to secure investor payment. Di state still get strong credit ratings: Aa- from Agusto & Co. and AA- from GCR. Di Series IV Bond price range na 16.15–16.25% for 10-year tenor, while Series III Green Bond na 15.90–16.00% for 5-year tenor. Minimum subscription na N10m (10,000 units at N1,000 per unit), plus extra multiples of N1m. Once dem finish, both bond go list for Nigerian Exchange (NGX) and/or FMDQ Securities Exchange.