LASG Issues Long-term Bonds For N134.8 Billion To Fund Projects Related To Power And Others

Long-term bonds worth N134.8 billion were issued by Lagos State to fund infrastructure projects in the energy and other industries.

According to state governor Babajide Sanwo-Olu, this is the case. On May 23, late in the evening, he announced it on his official Twitter account.

The investment would accelerate the short- and long-term growth of important industries in Lagos state, according to Governor Sanwo-Olu. He stated:

"We have raised N134.8 billion in long-tenure bonds, marking another record in accessing capital market funds. This investment will fuel key infrastructure projects in sectors such as education, electricity, roads, and agriculture.

"Today, we signed the transaction instruments for the first sets of allotment in the N1 trillion Debt and Hybrid Issuance Programme. This includes a 10-year tenure bond and a Shariah-compliant Sukuk.

"With the proceeds from the bond and Sukuk, we will be executing various projects pre-inspected by the Securities and Exchange Commission. This includes overhauling 33 public schools in Ajegunle, road infrastructure on the Lekki-Epe corridor, drainage works, and more.

According to Sanwo-Olu, Lagos has attracted large investments to advance infrastructure building, promote economic growth, create jobs, and enhance the quality of life for its citizens. The city's resiliency and the confidence investors have in its capacity to wisely use funds for development are demonstrated by this successful bond offering.

The government thanks the investors for their faith in Lagos' enormous potential and confirms its dedication to openness and wise financial choices in order to create a Greater Lagos for coming generations.

The government thanks the investors for their faith in Lagos' enormous potential and confirms its dedication to openness and wise financial choices in order to create a Greater Lagos for coming generations.

Goals that are crucial for the Lagos electricity sector.

An Integrated Resource Plan would be presented, an Electricity Policy would be launched, an Off-Grid Strategy would be published, and a law establishing the Lagos Electricity Market would be drafted, according to a previous statement by Governor Sanwo-Olu.

By 2030, Lagos would have a gigawatt (CW) of solar energy, according to Governor Sanwo-Olu.