The Lagos State Government is about to launch its Series IV Bonds of up to N125 billion under the State’s N500 billion Bond Issuance Programme.
This was disclosed by the Joint Issuing House, Comercio Partners Capital Limited. The offer date and prices of the bonds are yet to be made known as the information will be made available after the launch. The proceeds from the issuance are to be directed at executing priority projects and refinancing bridge facilities.
According to the notice, Lagos State is a Category A State among the States in Nigeria. It is also the most developed State in Nigeria and is exalted as the country’s economic and commercial hub, accounting for more than 25% of Nigeria’s GDP.
The State is also among the top 5 economies in Africa and continues to attract a wide range of regional and global businesses.
Underpinning the State’s strong economy is its robust internally generated revenue (IGR) which continues to grow year-on-year and remains resilient despite macroeconomic headwinds and disruptions caused by the global pandemic. The State’s IGR accounts for c.65% of its revenue.
It further states that Lagos State respectfully and responsibly continues to access the domestic debt capital markets, and is very grateful for the strong support garnered over the last thirteen (13) years from the investor community.
The State has been able to access much-needed complementary funding, which augments its revenues and provides the critical support required to accelerate and actualize the provision of physical and social infrastructure/amenities, thus improving the overall living standards of its residents.
The proceeds of the Issuance will enable Lagos State to further accelerate the development of physical and social infrastructure in the State in line with the State’s THEME Agenda.
