By Peace Udugba -The daily torch media
In a landmark demonstration of its steadfast commitment to advancing Nigeria’s debt capital markets, promoting sustainable finance, and driving transformative economic development, FMDQ Securities Exchange Limited (“FMDQ Exchange” or “the Exchange”) has approved the listing of the Lagos State Government of Nigeria’s ₦14.82 billion 5-Year 16.00% Series 3 Fixed Rate Green Bond and ₦230.00 billion 10-Year 16.25% Series 4 Fixed Rate Bond under its ₦1.00 trillion Debt and Hybrid Instrument Issuance Programme.
This historic dual-series approval by the Exchange’s Board Listings and Markets Committee ranks among the most significant sub-national debt capital market transactions in Nigeria’s financial history. It further reinforces FMDQ Exchange’s position as a trusted platform for sovereign and sub-sovereign issuers seeking credible, transparent, and efficient access to long-term capital.
Recognised as Nigeria’s commercial hub and one of Africa’s largest subnational economies, Lagos State continues to lead in financing sustainable infrastructure, urban development, and public service delivery for its over 20 million residents. Contributing approximately 30 per cent of the nation’s Gross Domestic Product and hosting the largest concentration of businesses and financial institutions in the country, Lagos State’s access to long-term capital remains both a state priority and a national imperative.
Proceeds from the dual-series issuance, sponsored by Chapel Hill Denham Advisory Limited, a Registration Member (Listings) of FMDQ Exchange, will be deployed towards critical infrastructure projects, sustainable initiatives, and strategic programmes aimed at enhancing the quality of life for residents and sustaining the state’s trajectory as Africa’s premier commercial destination.
The Series 3 Fixed Rate Green Bond marks a significant milestone for Lagos State and Nigeria’s sustainable finance ecosystem. In alignment with global green bond standards, the Issuer has committed to deploying the proceeds exclusively to eligible green projects, including renewable energy, energy efficiency, clean transportation, sustainable water management, climate resilience, and environmentally responsible urban infrastructure.
Meanwhile, the Series 4 Fixed Rate Bond offers stable borrowing costs, enabling predictable financial planning and effective long-term budget management. Together, both instruments underscore the growing role of sub-national governments in mobilising long-term capital for infrastructure development. Through this issuance, Lagos State joins other African sub-national issuers leveraging debt markets and green finance to address environmental challenges and infrastructure gaps.
FMDQ Exchange remains committed to transforming Nigeria’s capital markets through world-class infrastructure, enhanced transparency, and continuous innovation. By enabling sub-national governments to access sustainable long-term funding, the Exchange continues to serve as a critical engine of national development, supporting institutions in building the infrastructure and communities that will shape Nigeria’s future.
FMDQ Group PLC (“FMDQ Group”) is Africa’s first vertically integrated financial market infrastructure (FMI) group. It provides registration, listing, quotation, and noting services for financial market securities; operates integrated trading, clearing and central counterparty services; and delivers settlement, depository, data, and information services across the debt capital, derivatives, and equity markets through its wholly owned subsidiaries — FMDQ Exchange, FMDQ Clear Limited, FMDQ Depository Limited, and FMDQ Private Markets Limited.
As a sustainability-focused FMI group, FMDQ Group, through FMDQ Exchange, operates Africa’s premier Green Exchange — FMDQ Green Exchange — positioned to lead the transition toward a more sustainable future.
