FMDQ Securities Exchange Limited has approved the listing of Lagos State Government’s dual-series bonds totaling N244.82 billion under its N1.00 trillion Debt and Hybrid Instrument Issuance Programme.
The approval was disclosed in a release issued on Tuesday, February 24, 2026, by FMDQ Securities Exchange Limited following a meeting of its Board Listings and Markets Committee.
The listing covers a N14.82 billion 5-Year 16.00% Series 3 Fixed Rate Green Bond and a N230.00 billion 10-Year 16.25% Series 4 Fixed Rate Bond, both aimed at supporting infrastructure and sustainable development projects in Lagos State.
What FMDQ is saying:
FMDQ Securities Exchange Limited stated that its Board Listings and Markets Committee has approved the listing of two Lagos State bond issuances under the N1 trillion Debt and Hybrid Instrument Issuance Programme. The Exchange described the transaction as one of the most significant sub-national debt capital market transactions in Nigeria’s history.
- “The Board Listings and Markets Committee has approved the listing of Lagos State Government’s N14.82 billion 5-Year 16.00% Series 3 Fixed Rate Green Bond and N230.00 billion 10-Year 16.25% Series 4 Fixed Rate Bond.”
- “Both issuances were executed under the State Government’s N1.00 trillion Debt and Hybrid Instrument Issuance Programme.”
- “The proceeds are earmarked to address environmental challenges and infrastructure gaps in the State.”
The Exchange added that the dual-series issuance, sponsored by Chapel Hill Denham Advisory Limited, Registration Member (Listings) of FMDQ Exchange, will support Lagos State’s strategic programmes and reinforce its position as Africa’s premier commercial destination.
More insights
The Series 3 Fixed Rate Green Bond marks a milestone for Lagos State and Nigeria’s sustainable finance ecosystem. In alignment with global green bond standards, the issuer has committed to applying the proceeds exclusively toward eligible green projects.
- Proceeds from the green bond will be invested in renewable energy, energy efficiency, clean transportation, sustainable water management, climate resilience, and environmentally responsible urban infrastructure.
- The Series 4 Fixed Rate Bond provides stable borrowing costs, enabling reliable financial planning and long-term budget management for the State.
- The combined N244.82 billion issuance underscores the growing role of sub-national governments in mobilising long-term capital for infrastructure development.
The Exchange noted that the approval of the dual-series bonds further strengthens the domestic debt capital market and highlights the increasing adoption of green finance instruments by sub-national issuers in Nigeria.
What you should know
Lagos State has maintained a strong track record of accessing Nigeria’s capital markets to fund infrastructure development. The dual-series bonds now listed on FMDQ trading were originally issued in 2025 under the same N1.00 trillion programme.
- In November 2025, Lagos State returned to the market with a N200 billion conventional bond offer to finance priority projects aligned with its development agenda.
- In 2021, the State issued a N137.3 billion 10-year bond to support long-term infrastructure delivery.
- The State has consistently engaged the domestic debt market to bridge funding gaps and accelerate capital projects.
These issuances reflect Lagos State’s continued reliance on the domestic bond market to finance large-scale infrastructure and sustainability-focused projects, reinforcing its leadership among sub-national issuers in Nigeria’s capital market.
