Lagos State will consider issuing ethical bonds and equities to fund additional infrastructural projects as the largest sub-national issuer reaffirms its commitment to leveraging the domestic capital market for growth.
Lagos State Governor, Babajide Sanwo-Olu, while receiving a team from the Nigerian Exchange (NGX), said the state will consider issuing green, Sukuk, and blue bonds as well as equities options to finance its infrastructural projects.
He said Lagos State will continue to explore domestic capital raising through the capital market to fund infrastructure projects.
He expressed confidence in the opportunities available at the Nigerian capital market, assuring that the state remains committed to deepening the synergies between it and the Exchange.
Chief Executive Officer, Nigerian Exchange (NGX), Mr Temi Popoola, reaffirmed the commitment of the NGX to collaborating with Lagos State Government on its infrastructure development drive through robust platform available to fund strategic objectives.
“This is particularly important to us given the critical position Lagos State occupies as the Centre of Excellence and the major economic hub in Nigeria and Sub-Saharan Africa. NGX has always been a strong collaborator through which the state accesses long-term developmental funding from the capital market evidenced by the N224.54 billion Lagos State Bonds listed on NGX – cumulatively the largest sub-national bond listed on the NGX platform. We, therefore, look forward to exploring more opportunities especially in infrastructure financing, environmental and climate bonds, and capacity building,” Popoola said.
