Lagos State to Collaborate With NGX to Fund Infrastructure Projects

Lagos state government has embarked on developing the state through infrastructural projects after a report by Investors King highlighted how infrastructure development can help revive the economy and broaden productivity.

The Lagos State Governor, Babajide Sanwo-Olu, disclosed the state’s interest in collaborating with the Nigerian Exchange Limited (NGX) with the expectation that it will explore capital raising through the exchange to fund infrastructure projects in the state.

It was confirmed that the infrastructure projects will be funded through bonds like Green, Sukuk, and Blue, by the state governor, Sanwo-Olu, during a courtesy visitation of the board and management of NGX led by its Chief Executive Officer, Mr Temi Popoola, in his office, on Thursday, February 10, 2022.

Governor Sanwo-Olu who signed a N137.3 billion 10-year bond to finance key infrastructural projects in the state in December 2021 disclosed that he had picked interest in deepening synergies between the state and the NGX to take advantage of available opportunities in the capital market.

Recall that Lagos state raised N224.54 billion – the largest subnational bond raised via the NGX platform.

The Chief Executive Officer, Mr Temi Popoola also confirmed their eagerness and commitment towards collaborating with the Lagos State Government on its mission to deepen infrastructural development through NGX robust platform.

Mr. Popoola, who disclosed how important the collaboration is to them considering the critical position Lagos state occupies as the Centre of Excellence and the major economic hub in Nigeria and Sub-Saharan Africa, also stated that NGX has a strong collaborator through which the state can access long-term developmental funding from the capital market.

However, Mr. Popoola noted that capital market stakeholders will continue to look forward to outcomes from the series of strategic engagements facilitated by the NGX while exploring more opportunities especially in infrastructure financing, environmental and climate bonds, and capacity building.

Other board members of NGX present at the meeting with the Lagos State Governor include Mr. Kamarudeen Oladosu, Mr. Seyi Osunkeye, and Mr. Yomi Adeyemi.