Lagos state has raised N134.8 billion in long-tenure bonds for infrastructural projects in electricity and other sectors.
This is according to the state Governor Babajide Sanwo-Olu. He made the announcement late Tuesday night, May 23 via his official Twitter account.
According to Governor Sanwo-Olu, the investment will boost the short- and long-term development of key sectors in Lagos state. He wrote:
“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 Lagos State Electricity Plan aims to set the stage for increasing the effectiveness and dependability of the state’s power supply. Additionally, it aims to license each power market in the state in order to provide a legal framework.
By December 31, 2023, the Lagos Electricity Market will be reliable, focused on business, technically sound, well-funded, and financially viable. The capacity and dependability of the state’s power are expected to increase by at least 30% and 75% each year, respectively.
A five-year period should also see an increase in the state’s electricity, from 1000 megawatts (MW) and 1200 MW/h in 2022 to 4,500 MW and 81,000 MW/h in 2028.
In the long term, Lagos state expects that by the end of 2036, residents will have a reliable and constant power supply. Also, the electricity sector in the state will be diversified, sustainable and able to meet the demands of residents.