Gov. Sanwo-Olu Signs N115 billion Bond, Promises Residents Infrastructural Developments and Economic Growth

Gov. Sanwo-Olu Signs N115 billion Bond, Promises Residents Infrastructural Developments and Economic Growth

Lagos State Governor, Babajide Sanwo-Olu, has promised residents of the state continued infrastructural developments and economic growth.

Sanwo-Olu gave this assurance during the signing of the N115 billion 10-year 15.25 per cent Series 1 Bond issuance due 2033, and the N19.815 million seven-year 14.675 per cent Fixed Return Forward-Ijarah Lease Sukuk due 2030, under the N1 trillion debt and hybrid issuance, held at Lagos House, Alausa, Ikeja.

According to the governor, proceeds from the bond will be used to finance critical projects to improve the state’s infrastructure and foster economic growth, in line with the state’s ‘THEMES’ Agenda.

He said: “Today is another significant day in Lagos State, with us reaching another milestone in our commitment to deliver infrastructural, economic, and societal progress to the people of our excellent State. As I renew my mandate in the coming days, these two issuances – which we will be allotted today – will provide the impetus for my administration to further drive our THEMES agenda.

Proceeds from the Bond and Sukuk will enable various MDAs – including the Ministry of Energy and Mineral Resources, the Ministry of Agriculture, and the Office of Drainage and Water Resources – to execute respective projects that have been pre-inspected by the Securities and Exchange Commission.’’

The governor added that the issuances will also allow them to promote economic growth, create jobs, and improve the quality of life for all residents.

“Our objective is to create an environment that attracts local and foreign investors, spurring economic activities that will benefit every citizen of Lagos State.”