Governor Sanwo Olu Promises Residents Economic Growth As He Signs N1 Trillion Debt And Hybrid Issuance

The governor of Lagos State, Babajide Sanwo-Olu, has promised inhabitants of the state continuous economic growth and infrastructure improvements.

Sanwo-Olu provided this guarantee at the Lagos House, Alausa, Ikeja signing of the N1 trillion debt and hybrid issuance, which included the N19.815 million seven-year 14.675 percent Fixed Return Forward-Ijarah Lease Sukuk due 2030 and the N115 billion 10-year 15.25 percent Series 1 Bond issuance due in 2033.

In accordance with the state’s ‘THEMES’ Agenda, the governor claims that the bond’s revenues would be utilized to finance important projects that will upgrade the state’s infrastructure and promote economic growth.

The governor continued by saying that the issuances will also enable them to encourage economic growth, generate jobs, and enhance everyone’s quality of life.

He said,

“Today is another significant day in Lagos State, with us reaching another milestone in our commitment to deliver infrastructural, economic, and societal progress to the people of our excellent State. As I renew my mandate in the coming days, these two issuances – which we will be allotted today – will provide the impetus for my administration to further drive our THEMES agenda.

“Proceeds from the Bond and Sukuk will enable various MDAs – including the Ministry of Energy and Mineral Resources, the Ministry of Agriculture, and the Office of Drainage and Water Resources – to execute respective projects that have been pre-inspected by the Securities and Exchange Commission.’’

“Our objective is to create an environment that attracts local and foreign investors, spurring economic activities that will benefit every citizen of Lagos State.”