Lagos, NGX to raise capital to fund infrastructure projects in the state

The Lagos State Governor, Babajide Sanwo-Olu, has established the state’s interest in collaborating with the Nigerian Exchange Limited (NGX) as it will explore capital raising through the exchange to fund infrastructure projects through equities, Green, Sukuk and Blue Bonds.

The remark was made by Sanwo-Olu, when the board and management of NGX led by its Chief Executive Officer, Mr Temi Popoola, paid him a courtesy visit at Governor’s office, on Thursday, February 10, 2022.

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.

According to NAN, Sanwo-Olu expressed confidence in the opportunities available in the capital market and indicated an interest in deepening synergies between the state and the NGX.Popoola, in his statement, said, “At NGX, we are eager to reaffirm our commitment to collaborating with the 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.’’