Lagos State Lists N244.82 Billion Green Bonds on FMDQ

On February 24, 2026, the FMDQ Securities Exchange announced the listing of Lagos State's dual series bonds totaling N244.82 billion. This includes 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.

The issuance is part of Lagos State's N1 trillion debt hybrid instrument issuance program, aimed at supporting infrastructure and sustainable development projects. The FMDQ Securities Exchange's board and market committee approved the listing, which is significant for Nigeria's sub-national debt capital market.

The issuance, sponsored by Chapel Hill Denham Advisory Limited, reinforces Lagos State's position as a leader in Africa's commercial destination and highlights the increasing adoption of green finance instruments among sub-national issuers in Nigeria. This move reflects Lagos State's ongoing reliance on the domestic bond market to finance large-scale infrastructure projects.