Lagos to fund infrastructure projects through NGX’s capital raising – Sanwo-Olu

The Lagos State, Governor, Mr Babajide Sanwo-Olu, has said that the state will explore capital raising through Nigerian Exchange Ltd (NGX) to fund infrastructure projects through equities, Green, Sukuk, and Blue Bonds.

Sanwo-Olu made the remarks at the courtesy visit of the board and management of NGX led by the Chief Executive Officer, Mr Temi Popoola, to the Governor’s Office on Thursday.

He expressed confidence in the opportunities available in the capital market and indicated an interest in deepening synergies between the state and the NGX.

Speaking during the visit, Popoola said: “At NGX, we are eager to reaffirm our commitment to collaborating with Lagos State Government on its infrastructure development drive through our robust platform available to fund strategic objectives.”

“This is particularly important to us given the critical position Lagos state occupies as the Centre of Excellence and the major economic hub in Nigeria and Sub-Saharan Africa.”

“NGX has always been a strong collaborator through which the state accesses long-term developmental funding from the capital market evidenced by the N224.54 billion Lagos State Bonds listed on NGX, cumulatively the largest subnational bond listed on the NGX platform.”

“We, therefore, look forward to exploring more opportunities especially in infrastructure financing, environmental and climate bonds, and capacity building,” Popoola said.

According to him, capital market stakeholders will continue to look forward to outcomes from the series of strategic engagements the NGX has facilitated with key players across the public and private sectors.

Other NGX board members present at the meeting are, Mr Kamarudeen Oladosu, Mr Seyi Osunkeye, and Mr Yomi Adeyemi.