The federal government and Lagos State government bonds listings on the Nigerian Exchange Limited (NGX) increased to N6.93 trillion between January and July 16, 2026 amid playing a critical role in capital formulation in Nigeria’s economy.
The federal government through the Debt Management Office (DMO) has Bonds and Sukuk listed on the bourse.
Government bonds are listed on the NGX to provide investors with a highly liquid, tradable marketplace where they can buy and sell previously issued bonds.
According to the X-compliance report obtained by THISDAY, the FGN Bond/Sukuk new listings so far far contributed 96.46per cent or N6.68 trillion out of the N6.93 trillion, while Lagos state government accounted for 3.5per cent or N244.82 billion in the period under review.
The report revealed that NGX admitted a supplementary listing of additional 1,370,309,869 units of 7.95% FGN JUN 2032 bond, an equivalent of N1.37 trillion on April 24, 2026. This is the highest value of FGN’s listings on the bourse.
For Lagos State Government bond, the report showed that on February 9, 2026, the state listed N230 billion series 4, 10 Years 16.25% fixed rate bond due 2035 under the N1 trillion debt and hybrid instruments issuance programme and N14.815 billion Series 3, 5 years 16% fixed rate green bond due 2030 under the N1 trillion debt and hybrid instruments issuance programme.
The state government, had announced plans to utilize the proceeds from its recent bond issuance, into critical infrastructure development.
The combined transaction represents the largest bond issuance ever by any state government in Nigeria and the first subnational Green Bond in the country’s history.
The funds will be invested in key sectors such as transportation, housing, environmental sustainability, healthcare, and education, aiming to drive sustainable and inclusive growth in the state.
The Lagos State Governor, Babajide Sanwo-Olu had expressed gratitude to investors for their confidence in Lagos State and pledged to ensure prudent management of public re
He said, “we are here to finalize the documentation for the issuance of our Green Bond and Conventional Bond as part of the Lagos State N1 trillion Debt and Hybrid Instruments Issuance Programme.”
According to him, since our administration took office, our journey in bond issuance has been pioneering. The first bond we issued in 2020, valued at approximately N100 to N110 billion, marked a record at the time. Each subsequent bond has surpassed its predecessor, and today we embark on another groundbreaking opportunity.”
Sanwo-Olu stated that “Lagos State has issued Nigeria’s first subnational Green Bond, securing N14.815 billion. The enthusiastic response, with total bids reaching N29.29 billion to N27.79 billion of which were within the advised price guidance, affirms our vision for environmental responsibility aligned with the second pillar of our THEMES+ Agenda and our long-term goal of constructing a Lagos that is prosperous, resilient, and environmentally secure for future generations.
“This issuance now stands as the largest bond issuance in Lagos State’s history and indeed for any subnational government in Nigeria. It serves as a testament to the vision, governance, and fiscal discipline present within Lagos State. We deeply value this trust and are wholly committed to honoring it.”
He pointed out that the proceeds from this issuance will be strategically invested in vital infrastructure areas: transportation, housing, environmental sustainability, healthcare, education, and other strategic sectors that will empower Lagos to continue its trajectory of sustainable and inclusive growth.
Analysts attributed the strong demand for FGN Bonds to attractive yields, which offered investors high returns on their investments, stressing that the oversubscription levels highlighted confidence in the federal government’s ability to meet its debt obligations.
They also said the capital market has the depth and liquidity to drive the government’s $1 trillion economic agenda. They cited the bullish runs at the primary and secondary markets.
Speaking with THISDAY, the Vice President, Highcap Securities Limited, Mr. David Adnori stated that the capital market was poised to make pivotal contributions to the achievement of the $1 trillion economic target of the government.
He called for supportive policies to encourage more companies and governments to utilise the capital market for their financing programmes.
