Lagos state govt about to raise N125B 10 year Series IV bond

THE LAGOS STATE GOVERNEMENT IS IN THE PROCESS OF ACCESSING THE CAPITAL MARKET TO RAISE UP TO N125BN TEN-YEAR SERIES IV BOND UNDER ITS N500BN BOND ISSUANCE PROGRAMME

The offer which was opened on Friday 19^th November 2021 will close on Wednesday December 1^st 2021 at 2.00 pm.

The proceeds from the issued Bond will be used to execute Infrastructural projects and refinancing bridge facilities in the State and accelerate the development in line with the T.H.E.M.E.S. Agenda.

The price guidance is set at between 12.5percent to 12.75percent and investors are allowed to subscribe with a minimum of N10 million, with a multiple of N5 million thereafter.

Agusto & Co recently assigned an A+ rating to Lagos State Government due to its resilience and strong financial capacity to meet its obligations.

Lagos State is a Category A State among the State Governments in Nigeria and is the most developed State in Nigeria and is exalted as the country’s economic and commercial hub, accounting for more than 25% of Nigeria’s GDP. The State is also a Top 5 economy in Africa and continues to attract a wide range of regional and global businesses. Underpinning the State’s strong economy is its robust Internally Generated Revenue (“IGR”) which continues to grow year-on-year and remains resilient despite macroeconomic headwinds and disruptions caused by the global pandemic. The State’s IGR accounts for c.65% of its revenue.

 Lagos State respectfully and responsibly continues to access the domestic debt capital markets, and is very grateful of the strong support garnered over the last thirteen (13) years from the investor community. The State has been able to access much needed complementary funding, which augments the State’s revenues and provides the critical support required to accelerate and actualize the provision of physical and social infrastructure/amenities, thus improving the overall living standards of residents in the State.