The FMDQ Securities Exchange has approved the listing of N244.82 billion worth of bonds issued by the Lagos State Government under its N1.00 trillion debt and hybrid instrument issuance programme in one of the largest sub-national debt transactions in the domestic capital market.

According to the Exchange, the approval covers the N14.82 billion five-year 16.00 per cent Series 3 Fixed Rate Green Bond and the N230.00 billion 10-year 16.25 per cent Series 4 Fixed Rate Bond.

The listing was cleared by the Exchange’s Board Listings and Markets Committee.

FMDQ Exchange said the transaction reinforces its position as a platform for sovereign and sub-sovereign issuers seeking transparent and efficient access to long-term funding, while deepening Nigeria’s debt capital market and sustainable finance ecosystem.

Lagos State, regarded as Nigeria’s commercial hub and one of Africa’s largest sub-national economies, is deploying the proceeds toward critical infrastructure projects, sustainable development initiatives and strategic programmes aimed at improving public service delivery for its estimated population of over 20 million residents.

The state accounts for about 30 per cent of Nigeria’s Gross Domestic Product and hosts the largest concentration of businesses and financial institutions in the country.